Refinancing or consolidating your debt can help you simplify your financial situation and potentially save thousands on your home loan. If you’re looking at refinancing it’s essential to use a mortgage broker who is specialised in helping borrowers with refinances.
By speaking with a broker from Precision Funding you will:
- Find out your borrowing capacity and whether you are able to refinance, consolidate your debts
- Whether you can gain additional funding for any other future needs – ie renovations, purchasing a new vehicle, purchasing an investment property and more
- Whether fixed or variable home loans will be better for your situation
- How to reduce your fees and interest rate on your home loan
- The best way to structure your loan to ensure you receive the most benefits in consolidating and refinancing your loans
- What lenders will look at your refinance or debt consolidation and what is the best for you
How does Refinancing and debt consolidations work?
Refinancing and debt consolidations are two separate types of financial process, however generally will entail both processes. With a refinance, this involves apply for finance which would pay out and replace any existing finance – which can be with the same lender you’re currently with or with a different lender. Common reasons to do this can be to gain access to a better interest rate deal, gain a new longer loan term to reduce repayments, to increase the loan amount to free up equity to purchase another property or renovate etc.
Debt consolidations involve refinancing, but specifically also include increasing the loan amount to pay off other loans, allowing you to put multiple loans under a single facility for simplicity and generally a lower interest rate. Consolidating your debt from personal loan or credit card facilities in particular can result in significantly lower interest rates and repayments, allowing you to pay down your debt and get into a better financial future sooner.
Every lender has different rules when it comes to refinancing and debt consolidations, so getting specific advice from a broker with experience in this type of lender is essential to ensure you get the best option for your long term goals. The team at Precision Funding are experts at helping simplify and save on their existing and new lending, with a broad range of lenders and products available.
Can I consolidate debts or refinance if I have bad credit?
Yes you can! The team at Precision Funding are specialists in helping a broad range of borrowers, including those with adverse credit scenarios.
Depending on the type of bad credit situation will determine the type of finance involved, so our brokers can provide tailored advice specific to your needs.
Are you looking to refinance or consolidate your loans? Connect with Precision Funding today to improve your financial future.