Did you know that you could save thousands of dollars by simply refinancing your existing mortgage?
Mortgage Refinance is the process of replacing your existing home loan with another home loan. So why would you consider mortgage refinance and how can it save you a lot of money?
Refinance Advantage 1:
When was the last time that you have checked out the health of your mortgage? The Australian Home Loan market is constantly changing. If you are paying the current standard variable interest rate – you are paying too much. It is possible to obtain loans at up to 1% below the standard variable rate. Simply by comparing your current mortgage terms, conditions, fees and rates you may be able to find a lender who can refinance your current mortgage on far more advantageous terms.
Refinance Advantage 2:
If you hold numerous unsecured loans, credit cards and personal loans – you may be able to reduce significantly your monthly repayments by simply consolidating your unsecured debts into your mortgage. Just imagine paying home loan interest rate on all your debts – it could reduce your monthly repayments by thousands of dollars.
Refinance Advantage 3:
If you have had your current home loan for quite some time, you may have already paid off some of the initial mortgage but your home may have doubled or even tripled in value since it was purchased. It may be worthwhile to consider a revaluation of your home in order to draw on your additional home equity for the purpose of further investment, home renovation, a new car, boat – or simply having some spare money available for a rainy day.