Should you Refinance your Home Loan?
It is good practice to review your home loan every few years. The financial market is ever changing and making sure your home loan is helping and not hindering you in achieving your goals.
For what reason would you refinance your home loan?
INCREASE CASH FLOW: Consolidating other smaller debts into your home loan (like car loans or personal loans that usually have higher interest rates) can i most cases reduce your monthly loan repayments and free up some of your monthly income.
INVESTING: If you have enough equity in your home you can increase the mortgage to invest in things such as shares, property etc.
RENOVATIONS: You can also increase your mortgage to pay for the cost of renovating or extending onto your existing home.
LOWER INTEREST RATE: The most common reason to refinance is to get a better interest rate / product to reduce the overall interest paid over the term of the loan.
If you are unsure whether or not refinancing would benefit you and would like to find out, just call 03 5443 9098 and have a chat with us.