Great news for Homeowners who are seeking loans but have a lot of equity tied up in their mortgage. Three large Australian lenders have decided on extending their maximum LVR, loan to value ratio, up to 95%.
In other words, some lenders will provide funds for consumers that will only hold 5% of the equity in their mortgage. This opens up a new market for the newly mortgage holders or those that have recently refinanced to use their home to free up additional funding that would not have been available for a few years.
Refinance your Home Loan
As the Australian economy is making a fantastic comeback from the financial crisis, more and more lenders are opening their doors to consumers. This means that seeking refinance or debt consolidation is within grasp.
Mortgage refinance is a great option to use if you have various credit cards and personal loans. By using your mortgage and the great low rates you are able to secure, you can roll all of your debt into the home loan. This allows you to get rid of the high interest rates that follow credit cards and personal loans and only have one monthly payment to take care of.
Now is a great time to take advantage of the new lending options because of the looming interest rate increases. By refinancing now, you can lock in those low interest rates before they continue to increase as projected over the next year.
If you are interested in your options, call Australian Lending Centre today on 1300 138 188.
