With lenders adjusting their rates outside of the reserve bank, now is a great time to compare and check that you have the right loan for your needs. It will depend on what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan.
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Regaining Control
Perhaps you’ve changed jobs. There’s a new addition to the family. Maybe you would just like a better rate. Maybe it’s the advent of school fees, or perhaps the kids have flown the coop. Or maybe that leaking shower or tired kitchen has just reached the end of its life.
A shift in circumstances may mean it is time to revisit your home finances. For many, the idea of refinancing a mortgage can be daunting. Fees, fixed versus variable interest rates and monthly charges all need to be considered. The right refinanced loan could help you pay off your mortgage faster, clear unhealthy debt or help you upgrade and add value to your home, all of which are steps that will put you in a better financial position.
A shift in circumstances may mean it is time to revisit your home finances. For many, the idea of refinancing a mortgage can be daunting. Fees, fixed versus variable interest rates and monthly charges all need to be considered. The right refinanced loan could help you pay off your mortgage faster, clear unhealthy debt or help you upgrade and add value to your home, all of which are steps that will put you in a better financial position.
This is one of the main reasons many people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt – e.g. credit cards, overdraft facilities, personal loans etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though, it is important to make sure you maintain your repayments at their current level or you could end up paying more over a longer period of time.
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TFC Home Loans can assist you in finding the balance between what you need and what is available in the marketplace to regain control.
Call 07 4639 2100
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