In terms of smart money management, it is imperative to monitor your financial position. This includes takin a proper look at your mortgage. Conducting a home loan check every three years can help you save. You can check in wit SDK Finance to find out if your current home loan is still the best option for you.
So, What Can Refinancing Do for You?
There are a myriad of ways in which refinancing can help. This includes:
- Securing competitive interest rates: Regularly checking your home loan provides you the peace of mind that you are receiving the most competitive interest rate. Furthermore, it ensures that your financial needs are being met. With new loan products, lender rate changes and RBA rate movements flooding the market, it’s very likely refinancing might be a better option if you’ve been on the same home loan for a while.
- Save and access better features: A Home loan health check allows you to review your current financial situation against the loan you have. This means you can ensure your loan still meets your needs and matches your objectives. Over time, circumstances change: you might have got a better job, started a family or taken on different activities since receiving your home loan. This might mean, therefore, that your loan features may need a change, too. A different type of loan can potentially help you manage your finances better and save more money.
- Access equity and build wealth: Accessing your equity could an amazing opportunity to build wealth for your future. Refinancing to a new loan can allow just that. If you have been on the same mortgage for some time, you have probably already paid it down somewhat and your property may have simultaneously increased in value. This means you may have some equity you can use to purchase an investment property, if not shares in other investments.
Your equity could also be used for other ventures. Is it finally time you took some much-needed long service leave and took off overseas for three months? Perhaps you’re in the market for a new car? You might even want to pay off your children’s education or undertake some much needed property renovations. Whatever your plans, we can assess your situation and help you decide whether refinancing/accessing your equity is for you.
- Debt consolidation: If you currently hold several debts with high-interest credit facilities like personal loans or credit cards, refinancing and rolling your debts into you home loan can potentially make things easier for you. Here, you would access some of your equity and utilise it to pay off your outstanding debts. You benefit by only paying the home loan interest rate, rather than the personal loan or credit card rates.
Although home loan repayments might rise, it is still possible to make some savings if you put in the effort to make extra repayments to pay back the amount you took out quickly. Whatever the situation, took the team of experts at SDK Finance and we will help you decide whether refinancing is right for you.
Call 0438 205 886 or submit an enquiry form on our contact page and we will get back to you with all the information you require.