Mortgage Refinance

If you are in debt refinancing your existing mortgage or home loan may be an option for you.

A mortgage refinance utilises the existing equity available in your property to repay other high interest debts. It may allow you to package your current monthly repayments from all of your debts into one convenient repayment. This means you end up paying less each month than what you currently are.

View Mortgage Refinance Case Study

 

We may be able to assist you even if you fit into one or more of the following categories:

  • Short-term employed or not employed long enough
  • Irregular income
  • Self employed
  • Government Allowance (including New Start)
  • Previously bankrupt
  • Rejected by another lender
  • Pensioner
  • Adverse credit history
  • Existing loan arrears or defaults
  • Limited savings history

We understand that everybody’s personal financial situation is unique and for this reason it is important you let Fox Symes help you assess your situation and then provide you with financial options that may be available.

How does a mortgage refinance work?

A mortgage refinance is the process of applying for a new loan on your current property and using this new loan to pay out your current mortgage and any other debt you may have.

Benefits of mortgage refinancing

The benefits of mortgage refinancing may include:

  • paying off your mortgage faster
  • extending the length of your mortgage and thereby reducing the amount you repay each month.
  • a lower interest rate or more favourable terms than your current mortgage
  • consolidating your credit card and personal loan debts into your mortgage to take advantage of the lower mortgage interest rate
  • drawing additional funds against your property for expenses of a personal nature

Consolidate your debt through a mortgage refinance

A mortgage refinance is often used to consolidate credit card and personal loan debt. This is because a mortgage loan is usually available at a substantially lower interest rate than the interest rate you pay on your credit cards or personal loans.

By consolidating all your debts under your mortgage you will only have to make a single payment instead of making multiple payments each month.

In addition, you may end up paying less each month than you are currently. This helps many people manage their finances more effectively.

When applying for mortgage refinancing

When applying for mortgage loan make sure:

  • You are fully informed
  • Your repayments have been reduced - not increased
  • There are no hidden fees or costs
  • You have achieved control over all your debts
  • There is a real long term benefit to you

    • Fox Symes may be able to assist you with mortgage refinancing. We have relationships with numerous lenders who may be able to provide you with a mortgage loan that will assist you.

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    For Australian residents only

    If you are employed and have debts greater than $10,000 please call us on 1300 361 204 or fill in this form. We have live Debt Consultants available to help you now.

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