Here are a number of ways refinancing can really boost your current financial situation:
- Find a better interest rate: Bank competition, coupled with interest rate stability, has created some real opportunities for borrowers. Refinancing your mortgage to a fixed rate product will give you certainty around loan repayments. However, you should also consider break costs which may apply if you break your term early.
- Unlock the equity in your home: Investors can use refinancing as an effective way to unlock the equity in their home, giving them more funds to act sooner. It is also a terrific way to gain some extra cash when renovating your home.
- Debt consolidation: Finding it difficult to keep track of all your debts? Refinancing can place all your debts, including store and credit cards, into one loan. This will help you manage your debt more effectively and potentially save you thousands in interest rate repayments.
- Which option is best for you, even staying with you current loan, will depend on your circumstances.
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