Refinancing Home Loans - Lending Hand Finance

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Refinancing Home Loans

What does it mean to refinance, and why would you do it?

Refinancing is when you re-negotiate your current loan either with the same lender or a different lender. You may be eligible to swap your current loan ‘product’ with a more competitive one with the same lender. You may also be suprised to find that you will get better features and better deals overall by swapping to a new lender.

CONSOLIDATE DEBTS
By refinancing you can consolidate small minor debts that usually have higher interest rates. By consolidating minor debts, your monthly repayments could be significantly cut (sometimes even in half). This can assist with easing financial pressures.

BORROWING EXTRA
You can also look at borrowing extra money to purchase cars, boats etc. by adding these onto the mortgage, again you will avoid high interest rates from personal loans. It is important though to know how much interest you'll be paying on a normal personal loan term of 5-7 years and a home loan term of 30 years. The interest on a 30 year home loan may accumulate to be more than a personal loan, so do your research first!

A BETTER DEAL
Imagine signing up for a loan and after three or so years realising by speaking to some friends that your loan was not all that you wanted. Even if you're in the situation where you don't want to borrow money, refinancing can save you thousands in interest. It may also mean you get added features and benefits like redraw, extra repayments, no discharge fee, no monthly fees, and portability that you never got with your previous loan.

If your loan is more then a couple years old it is a great idea to call your Personal Mortgage Broker at Lending Hand Finance, and we'll determine if refinancing is beneficial to you. It may just save you thousands, or give you the things you have always wanted.

Contact Lending Hand Finance on 1300 850 545

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Our personal mortgage brokers provide free financial services for Australians needing an Aussie home loan / mortgage / real estate finance for SA, VIC, WA, NSW, TAS, QLD, ACT, NT, and NZ.

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