Home Loan Refinance
If you are in debt then refinancing your home loan or mortgage may be a solution for you.
Home loan refinancing is often used to consolidate credit card and personal loan debt. This is because a home loan is usually available at a 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 repayment instead of making multiple repayments 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.
Home loan refinancing may be available to you even if you fit into one or more of the following categories:
- Short-term employed or not employed long enough
- Irregular income
- Government Allowance including New Start
- Previously bankrupt
- Declined by another lender
- Adverse credit history
- Existing loan arrears or defaults
- Limited savings history
Fox Symes understands that everybody's personal financial situation is unique, so let us help you assess your situation and provide you with the solutions that may be available.
Benefits of refinancing
The benefits may include:
- Paying off your loan 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 loan.
- Consolidating your credit card and personal loan debts into your home loan to take advantage of the lower interest rate.
- Drawing additional funds against your property for expenses of a personal nature.
When applying for a refinance 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 can assist you with a home loan refinance. We have relationships with numerous lenders who may be able to provide you with a loan that will assist you.
If you are in debt and want to know more about the solutions available to you contact us on 1300 098 127.
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