Refinance or Switch to meet your goals

Secure a better interest rate

One of the key reasons homeowners choose to refinance their loan is to secure a lower interest rate and reduce their monthly repayments. However, refinancing can come with some costs, so it’s essential to weigh up the savings of refinancing against the expense involved.

Switch between variable / fixed rates

If you’d prefer the certainty that repayments will stay the same for a period of time, you may wish to switch to a fixed rate. Conversely, you may decide you’d like to take advantage of a lower variable rate as you can accept the risk that rates may rise in future.

Access equity in your home

Your home is likely to be one of your most valuable assets, and by harnessing home equity you have the opportunity to build additional wealth or simply achieve personal goals. Find out more about accessing your home’s equity by contacting our team who can quickly ascertain what’s possible for you.

Consolidate debt

Refinancing your home loan can provide an opportunity to streamline your debt, and potentially reduce the overall interest you’re paying on multiple debts through the process of ‘debt consolidation’. It means folding several short-term loans into one loan – which could be your home loan – and may reduce your total monthly repayments.

However, it’s important to note that debt consolidation can come with some downsides. It can turn a short-term debt like a personal loan into a long-term debt (your mortgage), and that means paying interest on the balance for a much longer period which could cost you more in the long run. For debt consolidation to be truly cost effective, you need to commit to making additional repayments to pay off the enlarged loan as quickly as possible. All of this can be illustrated to you by one of our expert mortgage advisors.

Mortgage Switching with Mortgage ABC

Whether you want to renovate, consolidate debts, secure better / cheaper rate options, raise funds for a purchase, change your rates or loan options, refinancing your existing home loan may be the way to go.

The mortgage market is ever changing which is why staying in touch with Mortgage ABC on a regular basis is the smart thing to do. We are always happy to conduct a review or quick home loan health check on your current loan.

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Warning

If you do not keep up your repayments you may lose your home.

Warning

The Cost of your monthly repayments may increase

Warning

This new loan may take longer to payoff than your previous loans. This means you may pay more than if you paid over a shorter term

Warning

Purchasing this product may negatively impact on your ability to fund future needs