If there’s one thing that’s guaranteed it’s that things will keep on changing, and that includes loans and interest rates. We know it’s easy to sit on the same deal when you’ve got an existing home loan in place, but with change comes opportunity so why not make sure you’re not missing out on a better deal. We can help you do exactly that and make the changeover nice and smooth.
First things first, and that’s understanding what Refinancing is - The process of paying off a current home loan by replacing it with a new one. It can either be done through your existing lender or an entirely separate one, effectively it’s just swapping one debt obligation for another.
There are a number of reasons why refinancing might be right for you, so if any of these circumstances sound familiar then it's time to come and talk to us.
You want a better interest rate.
Perhaps you're looking to reduce your monthly payments or switch to a shorter loan term, either way it's time for a change. If you've reached the end of the ‘fixed term’ rate on your current loan then let’s score you a new and improved deal, or if you've reached the end of a 'variable term' rate let's shop around for some fixed term stability.
Consolidating other debts.
Whether it’s your credit card, a car, or an entirely separate loan altogether, the time might be right to better manage your finances and handle all of your debt in one place. The guys at Finance 365 can get you there.
Equity. The Big E.
It throws a lot of people but don't let it daunt you, it's simply the difference between the market value of your home and the amount still outstanding on your home loan. For example, if your home is worth $400,000 and you've got $175,000 left on your home loan then you've got $225,000 in equity. Pretty good, eh!
Equity is a brilliant way of raising cash for a purchase that might fall outside of your home, whether it's a new car, family holiday, or the kids are all grown up and applying to uni.
Often times, people use their equity to invest in new property, or even carry out some much needed home renos. Point is, Equity is your friend and so are we, and together we’ll navigate the whole process together.
Before you get started it pays to check you’re not locked into any rates with your current lender, and if you come to us we’ll put together a plan that avoids any sneaky surprises - we don’t want you being lumbered with any hidden costs or fees if it’s not a straight swap!
By assessing your loan and reviewing your circumstances, we’ll find you the very best solution to match both your aims and your assets. Happy days!