Refinancing can be easy as chatting to a Resolve Finance mortgage broker, but if you’re unsure of how it could benefit you, here’s what you need to know:
Reduce your repayments
Refinancing your home loan could help you score a better deal in getting a lower interest rate which could then reduce your repayments. Using our repayment calculator, you can compare your current rate to other offerings to see how much you can save. Ultimately, this means more money in your pocket to either make extra repayments or consider another purchase.
Pay off your home loan quicker
You could reduce your loan term by refinancing. If you’re comfortably paying your repayments and can afford to increase them for the short term, you could save money in the long run in interest repayments by paying it off quicker.
Reduce your mortgage balance
By refinancing to a lower interest rate, you’re reducing the amount of interest to be paid as well as the total home loan balance. This also means that your LVR (loan to value ratio) will be lower.
Find a home loan that suits your lifestyle
By refinancing, you could find the right home loan to suit your lifestyle and essentially help you pay off the loan faster. It’s a win-win deal. If you’re not utilising all the loan features, you could be paying more fees than you need to. You can learn more about home loan product features that are available to you by contacting your local Resolve broker.
Consolidate any debt
If you currently have several different loans or debts, refinancing could allow you to combine them into one debt secured against your home loan. This could give you the opportunity to access lower interest rates and only worry about making repayments on one loan instead of multiple.
If you’re considering if refinancing may be right for you, we’d understand because who wouldn’t want to enjoy these benefits! Contact your local Resolve broker today and let us Resolve it for you.