What does refinancing involve?
Refinancing involves paying out your current loan(s) by taking out a new loan, either with your existing lender or another lending institution that provides a more suitable loan structure for you.
In the case of home loans, you might have a change of circumstances that means a loan of shorter or greater length is suitable to you, or you might wish to take advantage of a change in interest rates and/or lock in a rate for a fixed period. Perhaps your family is growing and it’s time to renovate or add an extra room to the home. Refinancing your current home loan can help in each of those scenarios
Debt consolidation
Another reason you may wish to refinance is to consolidate debts. Paying off a number of different loans and credit cards can be difficult to manage and a source of great frustration. It can also be far more costly than having a single loan at a fixed rate. We can discuss your current debt situation with you and help come up with a solution that eases your financial burden, provides a simpler way of repaying those debts and gives you peace of mind so you can focus on the important things in your life.
