Consolidate Debt into Your Mortgage and Save Thousands on Interest by Refinancing Your Mortgage with Positive Solutions Finance
Your Mortgage Refinancing Experts in Brisbane
Unsecured debt repayments can be a huge financial burden and can make it difficult for you to afford basic everyday living expenses such as petrol and groceries. The stress caused by financial difficulties can negatively impact your relationships, career and personal health.
If you refinance your mortgage with Positive Solutions Finance, you can access the equity in your home to pay off unsecured debts through a debt settlement. This will eliminate those debts and leave you with just one, easy-to-manage repayment. There may even be funding leftover to reach your financial goals.
The process of mortgage refinancing involves borrowing with a new mortgage which replaces your existing one. If you’re eligible, you take out a higher mortgage, pay off your existing one and you keep the balance leftover to use towards a renovation, wedding, holiday or new car. With so many loan options available, refinancing provides the flexibility to access the best products on the market as your lifestyle changes. At Positive Solutions Finance, our brokers can help you find a competitive refinance solution, even if you have bad credit.
When is a Good Time to Refinance?
- Your current lender’s interest rate is no longer competitive and lower interest deals are available,
- The value of your property has increased and you want to access your equity,
- A major change has occurred in your financial or personal situation,
- You need money to pay for a home renovation, child’s education or another property investment,
- You want to switch to a fixed rate at an opportune time, or
- You’ve started accumulating large credit card debts and want to consolidate.
Why do You Want to Refinance Your Mortgage?
- Would you like a lower interest rate?
- Do you need flexible payment arrangements?
- Would your home loan be better with no ongoing fees?
- Do you want to change to a lender who offers good support and service?
- Do you need to use your equity for a short loan term?
- Would you like access to an offset account?
Common Mortgage Refinancing Mistakes to Avoid
- Not locking down a fixed rate. A fixed rate loan may offer you peace of mind that your rate won’t move for the duration of the term you choose. Unfortunately, not many people know that there’s nothing stopping this rate from moving after you initially apply.
- Waiting too long to refinance. When rates are dropping and you’ve worked out you can get a better deal by refinancing, time can be of the essence. If you wait too long, the opportunity may pass and you could miss out on some great offers to reduce your home loan interest rate or repayments.
- Adding years to your home loan. Opting to take out a new 30-year home loan term when you refinance can be a bad idea. If you’ve been paying off your loan for a few years, refinancing into a new 30-year term means you’ll be extending the time it takes for you to be debt-free. You’ll also end up paying more interest.
- Not paying attention to the comparison rate. If a lender has a higher advertised comparison rate than you’re currently paying, you’ll likely want to keep looking for a better deal.
Consolidate Your Debts Through Mortgage Refinancing
You could save thousands in interest payments, fees and charges by consolidating your personal loans, credit cards and car loans into your mortgage. Consolidating your debts offers attractive benefits in terms of reduced interest rates and long-term interest savings, the ability to make one, affordable regular repayment (rather than several) and the opportunity to get ahead and pay your debts off sooner.
Refinance Your Mortgage in Brisbane with Positive Solutions Finance
If your finances are a mess, it ends up putting a whole lot of pressure that you don’t need on every other aspect of your life. But for those who have their finances under control and their money working for them, the world is your oyster. At Positive Solutions Finance, we want to assist you so you can master your finances. We have years of experience helping people in Brisbane refinance their mortgage to consolidate debts, access equity in their home loan or just to reduce interest and create a more flexible repayment schedule. Even if you’re not sure if refinancing your home loan is the right option for you, our Brisbane team will assess your financial situation and recommend the best solution for your financial situation. Get in touch with us on 1800 40 3328 today for a free 30-minute consultation.