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Most people refinance their home loans at some point. There are lots of reasons why it might be a good idea to update your loan package and one our Melbourne mortgage brokers can help you find a new loan that is suitable for your current needs.
Refinancing can sometimes reduce your repayments, particularly if you’ve had your loan for a while or your financial situation has improved. Refinancing to extend the lifespan of your loan could also reduce your monthly repayments.
Want to reduce your repayments?
No matter why you’re looking at changing your loan, we have access to a wide range of current products and the advice you need to make a wise choice. Here’s some of the most common reasons for refinancing.
- Refinancing could help to improve the value of your home.
You can refinance your mortgage to access some of the equity in your home for renovations and extensions. You’ll be able to get the cash you need without getting an additional loan.
Refinance to access your equity for other purposes.If you’ve owned your home for a while, you may have an amount of equity built up. You could use this to invest in property or for something else you need.
Consolidate your debts to save on interest.
Credit cards, car loans and personal loans usually have much higher interest rates than your home loan. Refinancing and rolling all your debts into your home loan could reduce the amount of interest you’re paying and help you save money.