Jul 08, 2018  | Tags: mortgage broker, refinancing

Our Insights

Some people seem afraid of the possibility of refinancing. It sounds like a lot of work and a bit confronting.

But there are some great potential benefits to take advantage of, and refinancing could save you thousands of dollars.

Get on Top of Debt

Refinancing is the perfect opportunity to take back control over your life if debts have gotten out of hand. You can roll all of your debts into one that you make comfortable payments on. This makes it easier to keep track of what you owe and avoid missed payments.

Take Advantage of New Features

When you refinance, you’ll get access to a whole bunch of new features that may not be available with your current mortgage. This is your chance to reassess how your priorities and circumstances have changed and choose to use features that are the most important to you.

Some new loan features may include:

• Line of credit
• Option to make extra payments
• Option to split your monthly payment into two fortnightly payments
• Choose a variable or fixed interest rate
• Early payout
• Offset cash account

Make Smaller Payments

You might choose to refinance to take advantage of low interest rates. If that suit your needs, then the lower interest rates could mean lower monthly payments that you can more easily afford.

Pay Off Your Mortgage Faster

Refinancing to take advantage of low interest rates could have a different benefit if you decide to keep making the same high payments you were before. This would help you prevent interest from compounding on top of your principal and help you pay off your mortgage faster than before.

Renovate Your Home

Whether making changes to meet your family’s needs or aiming to raise the market value of your home, refinancing can unlock a lot of needed cash that you can put right back into the property with a major renovation.

Alternatively, refinance to save money that you can invest in another property altogether.

Is Refinancing Right for You?

There are many factors to consider when you think about refinancing. There are significant benefits but also some potential drawbacks, such as payout fees. You’ll need expert advice to help you decide whether the pros outweigh the cons in your case.

Calder Financing Broking will not only tell you if refinancing is the right move for you, but also help you find the best possible finance deal.

Contact the team now or call directly on 08 8373 3333 to arrange a free initial discussion about your needs.

Written and Supplied by Cliff O’Connell of Calder Finance Broking, for more information please visit the Calder Finance website. Please note that Calder Finance Broking Pty Ltd is a Corporate Credit Representative of BLSSA Pty Ltd ABN 69 117 651 760 ACL 391237.