Let us help you refinance your mortgage to consolidate your debts, so you can get back to what matters the most
Your Mortgage Refinancing Experts in Sydney
Refinancing your mortgage can be a great way to reduce costs. Often the process can put a lot of people off, but with the support of Positive Solutions Finance, refinancing is simplified.
Your mortgage is likely to be the biggest expense you have, so making sure you have the lowest interest rate and flexibility that suits your lifestyle is extremely important. Often when times are tough, families will look to reduce their household spending through groceries, electricity and holidays and forget to look at the largest portion of spending, their mortgage. A mortgage should never be a set and forget arrangement. You should always be proactive in looking on the market to see if there is a better option available for your financial circumstances.
Refinancing your mortgage means you take your existing home loan, compare it and find one with a better interest rate and fees. You then use the new mortgage to pay out the old one, saving you thousands in interest.
The Benefits of Refinancing Your Mortgage
6 Step Process to Successfully Refinance Your Home Loan
Step 1: Assess Your Current Mortgage
The first step to refinancing your home loan is making sure you understand your current home loan so you can compare it to a more suitable loan for your financial situation.
Step 2: Compare Mortgages
Once you know what you’re looking for, you can start comparing home loans. Make sure to take into consideration your personal financial situation, such as your income, daily living expenses and other financial commitments.
Step 3: Calculate Costs
It’s important to research any fees which you may need to pay to be able to exit your current home loan, including any upfront costs associated with your new loan.
Step 4: Apply For a New Mortgage
If you’ve found the right loan for you, you then need to make an application to the lender. While the application process is different for each lender, it usually takes around a week for the lender to process your home loan application.
Step 5: Valuate Your House
Once your application has been pre-approved, your lender will need to valuate your property to find out how much it’s worth.
Step 6: Approval
The final step is to sign all associated contracts with your new lender.
Are You Refinancing Your Mortgage to Consolidate Debts?
If you’re struggling to keep up with your debts, refinancing your home loan to consolidate your debts can save you time and money. This works by taking all of your debts (such as your credit cards, personal loans or car loans) and rolling them into your mortgage, making it easier to manage your finances.
There are many benefits to refinancing your home loan to consolidate your debts. These include:
- You pay the debts back at the rate of the home loan, not at each individual rate that comes with the debt,
- You can consolidate up to about five different debts,
- You won’t get hit with fees associated with credit cards and personal loans, and
- Instead of trying to manage your payments to several different lenders and credit providers, you can combine all of these into one, easy repayment.
Refinance Your Mortgage in Sydney with Positive Solutions Finance
At Positive Solutions Finance, we take the headache out of refinancing by assessing the best available products that will fit with your lifestyle, strategy and budget. If you’re moving from a fixed rate, we’ll make sure the move is cost effective for you and liaise with both lenders on your behalf to ensure a smooth transition.
It’s our experience, with over 25 years in the lending industry, that enables us to give our clients the best outcome and chance of approval. In a complex and competitive lending market, it’s this experience that sets us apart from other non-bank lenders.
If you are looking at refinancing your mortgage, or are experiencing financial difficulties, Positive Solutions Finance can help. Get in touch with our Sydney team today on 1800 40 3328 for a free 30-minute consultation to assess your individual financial situation and suggest the best option moving forward.