With lenders continually competing against each other for your loan, there are many opportunities—especially when lenders offer special deals—that could save you thousands of dollars on your current loan.
At Best Home Loans, we can help refinance yourpersonal loan, credit card debt or home loan and apply to consolidate these into the one loan. Call(07) 4779 0555to learn more about how we can assist you with debt consolidation and refinancing.
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Home & Investment Loan Refinancing
Have you had your current home loan for a number of years? Then it’s a good idea to review your home loan and make sure it is still helping you achieve your financial goals.
We can compare your home or investment loan for you and see if we can find another loan that better suits your needs. You can then refinance your loan; wouldn’t you like that?
Talk to the staff at Best Home Loans today. We are happy to help you.
The idea behind debt consolidation is to organise your debts into one, manageable and more affordable loan. By consolidating your debts into your home loan, you can reduce the amount of interest you pay since the interest rate on your mortgage is usually much lower than on credit cards or personal loans.
Debt consolidation allows you to streamline your debts into one monthly repayment; however, there are alternatives, such as debt management plans. If any of the following statements apply to you, debt consolidation may be an appropriate solution:
You have multiple debts with high interest rates
You are struggling to make minimum monthly payments
You are using credit cards to pay for essential expenses
There is no easy answer regarding the impact of debt consolidation on your credit score. In general, debt consolidation will have a positive impact if you can pay off your debts in full and on time. However, if you miss payments or default on your loan, this can negatively impact your credit score.
What debts can be consolidated?
Most types of debt can be consolidated, including credit card debt, personal loans, and even some types of business debt. However, some restrictions exist on what type of debt can be consolidated into a home loan. For example, you cannot consolidate debts that are in arrears or have already been through the court process.
When is the best time to refinance my mortgage?
This is a difficult question to answer since it varies depending on each person's individual situation. However, refinancing may be a good idea if interest rates have dropped significantly since you originally obtained your mortgage or if you're looking to shorten the term of your loan. Before making a decision, you should also consider the costs associated with refinancing, such as closing costs.
Are home loan top-ups the same as refinancing?
Not exactly. A home loan top-up is an additional amount of money you can borrow from your existing home loan, while refinancing involves taking out a new home loan to replace your existing one. Both options can give you access to extra funds, but they have different features and benefits that you should consider before deciding which is appropriate.
