There are many reasons why people refinance their home loan. Here are some common ones:
- To pay less each month/fortnight/week. At lower rate might not actually mean you have lower repayments as there may be fees and charges associated with switching loans. Are actually getting a better deal???
- Home renovations. Releasing some equity in your home loan may mean you can get those home improvements done now!
- Consolidate debt. Are you paying interest on a credit card debt, a car loan, a personal loan or all of the above? Refinancing these debts onto your home loan may mean you will be paying less each month and should also mean one repayment per month making things easier to manage.
Are you interested in finding out more about refinancing you home loan? Call Michael at First Avenue Finance on 0416 013 343 to start exploring your options!