Consolidating your debit yields a number of financial advantages not to mention make it easy to pay off. Debt consolidation can also be achieved by simply refinancing your home loan.
SO WHY SHOULD YOU CONSIDER REFINANCING YOUR HOME LOAN?
- Debt consolidation by refinancing your home loan yields many advantages depending mainly on your current circumstances. A few reasons have been listed below:
- Debt consolidation helps you manage many short term debts that usually have a higher interest rate associated with them. These can include existing store cards, credit card, and a personal loan debt.
- The ability to pay all your debt from one loan account makes things easy to manage.
- It is a good idea to unlock your equity at a much lower rate which can fund things like renovations that improve your current property’s value.
WHAT WILL IT COST ME?
Now before you make up your mind to refinance your home in order to get the benefits of debt consolidation there are a number of things you should consider first. The most important are the number of costs which arise during the process.
- Lender fees – These will include exit fees which pays for exiting your existing loan, application fees / charges, and establishment fees for the new loan.
- There may be other expenses like government levies, taxes and duties. For instance, in NSW the overall amount duty you need to pay for refinancing your home differs a great deal mainly depending on what your circumstances are.
All the above mentioned costs should be factored in when calculating and deciding if you should refinance. If you are having problems then you can meet one of our brokers with whom you can discuss your personal circumstances which helps you identify the overall cost of refinancing a home mortgage. However, you are not obligated to choosing Port Finance since the consultation is free.
The first step is to contact one of Port Finance’s mortgage brokers who will help you decide if refinancing is the right decision. There is a lot of information that you can find both on our website and also offline which should help you learn a bit more about refinancing your home. You can also use a mortgage calculator to calculate the interest rates offered by various lenders to make a decision.
Port Finance ensures that you get the best interest rates owing to hundreds of loans on offer from over 30 lenders. In addition once you have decided we can take care of the paperwork and various aspects of the refinancing process for you.