Life’s a funny business and it’s hard to predict where we’ll end up tomorrow.
It’s not unusual for people to wake up one day and find that their home loan no longer suits their needs. A change in circumstance can quickly trigger a need to refinance. Let’s look at some of the scenarios.
If you’ve been repaying your home for years, you’ll more than likely have built up some value (otherwise known as equity). Accessing the equity in your home can help you achieve other financial goals. For example, you might choose to refinance your home loan to: renovate your property to increase its value; to invest in another property; or to invest in general.
Another common reason to refinance is debt consolidation. Juggling multiple interest rates and repayments is not only stressful, it can also be very costly. By using the equity in your home, you may be able to increase your home loan to cover the cost of other debt. The result: no more juggling, and some breathing space to get back on track.
A change in relationship definitely has the potential to knock your finances for six: a home loan that worked with two borrowers, may not work with one. But there are options and assessing your refinancing needs, as soon as feasible, is one of the first financial steps to take in moving forward.
Sometimes there’s no major event that triggers the need to refinance. You might just feel that your current home loan isn’t working for your needs. It makes complete sense to you give your home loan a health check from time-to-time; it’s an opportunity to assess whether your lending and your asset is working as hard as possible for your future.
RESIMAC Home Loans can help you to refinance your home loan to suit your needs today and your financial goals tomorrow. You won’t experience a ‘one size fits all’ mindset with us. Get in touch with one of our Lending Specialists to discuss your needs and home loan refinance options.
See if you qualify. To get a more accurate idea of how much you can borrow with RESIMAC Direct,