Mortgage Refinance Case Study
David and Helen purchased a property 8 years ago.
David and Helen were also paying off 2 motor vehicle loans and a personal loan for an overseas holiday. They also had 2 credit cards
David and Helen's minimum monthly repayments were $2,650 and they were finding it increasingly difficult to manage the repayments on all their loan accounts. A snapshot of their loan accounts revealed the following:
|Loan Account||Interest Rate (%)||Balance||Min. Monthly Repayment|
|Mortgage Vehicle Loan 1||13.50||16,500||300|
|Mortgage Vehicle Loan 2||11.50||22,500||490|
|2 Credit Cards||18.00||6,000||180|
David and Helen contacted Fox Symes and applied for a Fox Symes mortgage refinance loan for $203,500 to consolidate all their debts into one monthly payment.
The Fox Symes mortgage refinance loan was over a 30 year term and consolidated all their debts into one convenient minimum monthly mortgage repayment of $1,550, this compares to what they were previously paying namely $2,650 per month.
David and Helen would have an additional $1,100 per month available to them with no increase in their existing liabilities.
With the assistance of Fox Symes their mortgage refinance loan to consolidate their debts was approved.
More information on Mortgage Refinance
Fox Symes can assist you with a mortgage refinance. We have relationships with numerous lenders who may be able to provide you with a mortgage refinance loan that will assist you.
Fox Symes is the largest provider of debt solutions to individuals and businesses in Australia. Fox Symes helps over 100,000 Australians each year resolve their debt and take financial control.
If you are in debt and want to know more about the solutions available to you contact us on 1300 098 127 or fill out the short contact form.