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REFINANCE TO A BETTER HOME LOAN DEAL OR CONSOLIDATE YOUR DEBTS TO SAVE MONEY
Refinancing involves taking out a new home loan that better suits your needs. You should review your home loan at least every few years or any time that market conditions or your financial circumstances change.
For example, when interest rates drop or if you’re starting a family. Interest rates in Australia are currently at record lows and there are some great home loan deals around.
Home loans are long-term commitments. Standard home loan terms in Australia are 25 or 30 years. That means the home loan you took out a few years ago may no longer be the best one for your needs. And it could be costing you money.
There’s a huge range of lenders and home loan products in the Australian market. But it’s time-consuming and confusing to research them all to find the best one for your current needs.
Our Wisebuy Solution
Our expert team at Wisebuy can help you to review your home loan. We’ll work out if you can save money by either refinancing to a better deal or consolidating your high-interest debts into your lower-interest home loan.
We’re up-to-date with all the latest lender information and investment property loan products, so you don’t have to be. We arrange loans for our clients for a living. Refinancing home loans is one of our specialties.
It’s important to understand that home loans are the cheapest form of finance. If you have credit card debt or other personal loans at much higher interest rates, you can consolidate that debt into a refinanced home loan.
Doing this will not only save you interest, it will also make your repayments easier to manage. Instead of having to juggle multiple regular repayments, you’ll only have to make ONE regular repayment to cover ALL your debt.
It’s also important to understand that even a slightly lower interest rate can save you thousands over the life of a home loan.
How much could I save by refinancing?
This depends on the terms and conditions of your current loan and the refinancing options available. We can help you to work this out.
You can also use our Wisebuy refinance savings calculator to give you an idea.