Reasons to Refinance Your Current Loan
Tired of feeling like your loan is holding you hostage?
Well, it’s time to break free and unleash the power of refinancing!
Picture this: lower interest rates, reduced monthly payments, and newfound financial freedom.
Refinancing your current loan is like hitting the reset button on your financial journey.
It’s your ticket to escape the clutches of high interest rates and embrace a brighter future.
So, why settle for a burden when you can seize the opportunity to save money, pay off debts faster, and maybe even treat yourself to that well-deserved vacation?
Get ready to embark on a thrilling adventure towards a happier, more prosperous tomorrow.
Buckle up and let the refinancing roller coaster ride begin!
#1 of 13 Save money on your interest, fees and charges
FACT: The ACCC has shown most borrowers are paying thousands of dollars more than they could.
And, the longer you have had your loan, the higher this cost will be.
#2 of 13 Lower your repayments
FACT: The rate increases since May 2022 have added over $1,050 in repayments to a $500,000 mortgage – an increase of almost 50% in monthly repayments.
#3 of 13 Your Fixed Rate loan period is about to expire
FACT: Most of the 2% Fixed Rate loans are about to revert to their lender’s Variable Rate.
This will lead to significantly higher monthly repayments.
A $500,000 loan’s monthly repayments will increase by over $1,300 per month, a 71% increase in monthly repayments.
#4 of 13 You want to reduce your financial stress by decreasing your loan repayments
FACT: If you extend your current home loan term, you can significantly reduce your monthly repayments.
#5 of 13 You want to consolidate your various loans
FACT: If you have a property, you can use the equity in your property to reduce your overall current monthly interest you are paying on credit cards and personal loans.
#6 of 13 You want to take advantage of the current attractive Cashback offers
FACT: A Cashback can turn many higher interest and repayment loans into a better alternative for the first 2 years of your loan (and we recommend you look at your refinancing options every 2 years to keep your rates sharp)
#7 of 13 Your equity in your property has increased
FACT: Many lenders offer better rates as your Loan to Value Ratio (LVR) decreases. Your LVR decreases when your property goes up in value and also when you pay off some of your Principal.
#8 of 13 You have personal goals you need to fund
FACT: Whilst rates have gone up, home loan rates are still way cheaper than a personal loan or credit card.
#9 of 13 You want to build your wealth
FACT: Most Australians do not use the equity in their property to increase their wealth.
#10 of 13 You want a more suitable loan product
FACT: Many loans are advertised on price, ignoring potentially added-value features.
These features may actually save you more than their cost.
#11 of 13 You want financial freedom
FACT: Paying more than your normal monthly repayments or, paying your monthly amount weekly or fortnightly, can reduce your loan term by years.
#12 of 13 You are part of a family break-up
FACT: Many couples who separate or divorce want to keep their family home so their kids have stability.
#13 of 13 You owe the tax man (and you want to save your business)
FACT: The ATO is currently blitzing businesses and demanding repayment of the unpaid Covid-period tax debts.
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