Refinancing

How can I benefit from refinancing?

Depending on your goals, the benefits of refinancing can include:

  • Getting a better interest rate to reduce how much interest you will need to repay.
  • Reducing your monthly repayments.
  • Changing your loan structure to include offset facilities, fixed rates or a combination of both.
  • Consolidating debt such as credit cards, car loans, or tax debt into one monthly repayment.
  • Accessing equity to renovate your existing property, to buy an investment property, to go on a holiday, or just to have some cash in the bank.

It all comes down to what you’re trying to achieve so book in a time to chat so we can chat through your options. Don’t forget to use our refinancing calculator to see how much you can save with the best rate from dozens of lenders.

Reasons To Refinance

Refinancing to get a better interest rate

With so many lenders and mortgage products on the market, lenders compete heavily when it comes to interest rates.
There are many different types of promotions offered by different lenders throughout the year so you’ll have to shop around to discover what’s being offered.

If you are using a mortgage broker, it’s good to ask about the current promotions on the market. Brokers receive updates from the lenders and stay up to date with the latest offers.

Refinancing to access equity

Your home will likely be the most valuable asset you will ever own. Refinancing to access your equity will allow you to use the funds to invest in property and build your wealth.

Home equity is the difference between the market value of your property and the balance remaining on your home loan. For example, if your home is worth $1,000,000 and you have $600,000 remaining on the loan, your home equity is equal to $400,000 and you can usually borrow up to 80% of this equity, so an extra $320,000.

Refinancing to get potential tax benefits

Refinancing your home loan may offer potential tax benefits. For example, if you refinance to access equity in your home and use those funds to invest in property, shares or other wealth-building opportunities, you may be able to take advantage of negative gearing and depreciation benefits.

Let’s say you renovated your property for $50,000, you may be able to claim depreciation on these costs over the life of the loan. To explain, that’s claiming the $50,000 you spent as a principal cost and then claiming depreciation thereafter.
Please note that it is recommended that you speak to a tax professional to find out exactly how many deductions you will be allowed.

It all comes down to what you’re trying to achieve so book in a time to chat so we can chat through your options. Don’t forget to use our refinancing calculator to see how much you can save with the best rate from dozens of lenders.

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