Welcome to the second part of our short 4 part series of blogs and videos on refinancing your Loans. In this part, ‘Why would I Refinance?’ we look at the benefits or refinancing. We will keep it brief and to the point but as everyone’s circumstances are different we encourage you to CONTACT US for more information. Just to recap in this series we will cover…
- What is refinancing?
- Why would I refinance?
- How often should I refinance?
- The process of refinancing…
Benefits of Refinancing
There is no point of refinancing for the sake or refinancing, this would just mean that could pay unnecessary fees or charges and it doesn’t put you in a better position than you were before. It is important to know why you want to refinance and the benefit it can bring to you and your family. Like most things in life there can be some potential downsides to each of the benefits listed below so it is vital that you understand all the risks prior to refinancing as no one wants to pay more interest that they have too.
- Save interest
- Life changes
- Alignment with another bank values
- Reduce monthly repayments
- Extend loan term
- Access equity in you home
- Purchase a car or investment property
- Access particular bank features
- Expiration of fixed or special rate and avoid going to a higher rate
- Better service from another bank or lender
- Receive special offers or cash back
- ‘Clean Up’ loan/s
- Remove a guarantor or borrower
- Help grow you business
- Grow property portolio
- and more…..
One could reasonably suggest that the reasons ‘why you would refinance’ and the ‘benefits from refinancing’ are endless. We certainly encounter different reasons for refinancing on a regular basis.
Would you like to know more? Please read on to Benefits of Refinancing or CONTACT US for a FREE and NO obligation discussion.
