11 Oct 4 Reasons To Refinance Your Home and Investment Loans
If you’re like me, life is incredibly busy. Perhaps you’ve had your home loan and/or investment homes for a few years now, and quite frankly, you don’t even know the interest rate you are paying. But you think the interest rate could possibly be a lot better……
One of the services we offer to our clients, is a complimentary assessment of your current loans to see if we can save you money. Yes, complimentary. Mollie is our in-house Mortgage Broker, and she is happy to review your loan with you over the phone.
Just to remind you why it’s worth chatting with Mollie, here are the 4 reasons why you should refinance your home and investment loans.
- Get a Better Interest Rate So You Pay Less Interest By refinancing to a lower interest rate, you can not only reduce your monthly repayments, but also reduce the amount of interest you pay back to the bank over many years. What’s not to love about that? What could you do with the extra money you save? Pay your home off sooner? Use the extra dollars to invest? Give you more breathing room cashflow-wise?
- Access Equity in Your Home Some of our clients are using the equity they have built up in their home to access other investments to increase their wealth for retirement. This could be an investment property, or an investment portfolio. Doing so may get you closer to your goals faster.
- Consolidate Your Debt For those with multiple debts (e.g. car, credit cards, personal loans), refinancing your home loan can provide the opportunity to roll all your debts into your home loan. The upside is that instead of multiple debts at usually higher interest rates and greater repayment amounts, you can have one loan at home loan repayments. This frees many of our clients to get on top of their debts, and use the extra money to repay the (now larger) home loan off quicker (rather than paying interest on all those other loans).
- Have a new Home Loan with Features That Work for You These days, home loans can have different features to make your life easier. These include offset accounts (to save your interest), flexible repayments (to help you pay off the loan sooner), and repayment holidays (when you need a break from payments or reduced payments due to career changes or maternity leave).
So, there you have it. Four reasons to re-assess your current home loan.