After the RBA’s decision this week not to increase interest rates at present – home owners should consider refinancing right now.
Refinancing your home loan can allow you to access cheaper interest rates or even unlock the equity in your home to renovate, buy an investment property or consolidate debt.
Some of the advantages of refinancing a loan include:
- Lower monthly repayments when you refinance
- The ability to pay off multiple debts through refinancing schemes
- Reduced risk by changing from a variable rate to a fixed rate when you refinance
- Access to cash to cover major expenses when you refinance
Refinance or Consolidate Today
Now is the perfect time for refinancing while the rates are still low, and before the next rate rise occurs – as this is almost certain to happen in the next decision round from the RBA.
If you would like to consolidate debt other than your home loan, again now is a great time to do so. Home loan interest rates are usually lower than those for personal loans and credit cards – if you have a multiple loans and/or credit cards at higher interest rates to your home loan, you might want to consider consolidating those debts into your home loan.
Debt Consolidation has more benefits than just reducing your repayment amounts. It will also make your life a little easier as you only need to repay one loan instead of numerous and it will lower your overall interest rate which means if you are paying less money on interest, you will be left with more money in your pocket at the end of each week – obviously this will improve your personal cash flow.
If you would like to speak with a consultant to find out if refinancing or debt consolidation is the best option for you, please call 1300 138 188 today, alternatively fill out an enquiry form on the right and a consultant will contact you shortly for a free appraisal.
