NEED HELP CONSOLIDATING DEBTS?
Sometimes the cost of living can get the best of you, leaving you making repayments across multiple debts, causing a lot of stress in the progress. If you do find yourself in that situation you may be able to use home equity to solve your problem.
Whilst absorbing debt into your home loan may not necessarily be the most cost effective method long term, it may be the most strategic way to get ahead in the short term.
Our experience means that we can deliver you options that can help you achieve financial freedom.
We know you have lots of questions. So, we’ve provided answers to the most common ones here.
You could save thousands of dollars by spending a few hundred. Over time the home loan you originally signed up for may not be as cheap as what’s currently available and you may have built up some additional equity that will give you access to more options. We suggest a quick home product check to see where you are placed and if we think you can do better we will find you the right option.
From a customer’s perspective, not that much. It begins with an assessment of your financial situation, a review of your current loan, a valuation of your existing property and the submission of some forms. We will manage the process to make this as simple as possible.
This will vary depending on the lender and the type of loan you have but it is reasonable to expect a $700 charge. This will be to cover settlement and registration fees while application and valuation fees are typically waived by the new lender.
To use industry jargon this is Debt Consolidation and yes this is something we can help you with. Some lenders will have restrictions on what you can consolidate but it can be a great way to simplify repayments and potentially benefit from lower interest rates associated with your home loan.
Variable interest rates move, normally relative to changes in official interest rates set by the Reserve Bank of Australia. A variable rate loan is beneficial when rates are on the decline. Fixed interest rates don’t move. You can fix your rate for a particular period of time, normally between 1 and 5 years. But it’s most beneficial when rates are on the rise.