Reach Us
- clinton@reallendingsolutions.com.au
-
PO Box 445
Dapto NSW 2530 - 0414 666 015
- 0482 076 071
- Mon - Sun : 8AM - 8PM
- ABN: 12 646 353 559
Refinancing home loan
But where to start? We can help you weigh it all up.
As time marches on, situations change. Perhaps you have changed jobs? Or there’s a new addition to the family? Maybe you would just like a better rate? Maybe it’s the advent of school fees, or perhaps the kids have flown the coop? Or maybe that leaking shower or old kitchen has just reached the end of its life.
A shift in circumstances may mean it is time to revisit your home finances. For many, the idea of refinancing a home loan can be daunting. Fees are fixed versus variable interest rates that need to be considered.
The right property renovation loan might help you to pay off your mortgage faster and, for less, refinance the debt or upgrade and add value to your home, all of which are steps in the right direction.
Common questions for those thinking of refinancing a home loan
Now is always a great time to shop around or check that you have the right loan for your needs. It will depend on what interest rate you are currently paying, what type of home loan you have (e.g., fixed, variable, interest only, line of credit), and what features you want in your loan. We can quickly explain your options.
This is one of the reasons that most people go with property renovation loan. The advantage is that you pay less interest rate on a mortgage than for most other forms of debt – e.g., credit cards, overdraft facilities, personal loans, etc. Provided you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though it is important to make sure you maintain your repayments of the debt that you consolidate at their current level, or you could easily end up paying more over a longer period of time. Speak with us today to discuss your personal needs.
We are all unique when it comes to our finances and borrowing needs. Get an estimate on how much you may be able to borrow (subject to satisfying legal and lender requirements) with our unique loan options tool. Chat with us when you are ready. We can help with calculations based on your circumstances.
Most lenders offer flexible repayment options to suit your pay cycle if you opt for refinancing a home loan. If you aim for weekly or fortnightly repayments instead of monthly, you will make more payments in a year, which could potentially save dollars and time off your loan.
Our guides to loan types and features (links) will help you learn about the main options available. There are hundreds of different home loans available. Get in touch with us today!
Depending on your loan, penalty fees could apply if you are paying off your current mortgage early. But these may be offset by repayment savings when you switch home loans. We will walk you through any fees that could apply to your circumstances.
