Every year thousands of families flush their hard-earned dollars down the gurgler because they put off the simple act of refinancing. Whether its your mortgage, car, motorbike, boat or business equipment, if you haven’t reviewed your financing options in the last 3 years, then you’re overdue. Rest assured that it’s much easier than you may think!
While there are no hard rules about refinancing, it makes financial sense to review the loan when your individual circumstances change. For example, you may be growing your family, moving to a new location, or getting married. There are also plenty of reasons that exist outside personal circumstances, including the major financial benefits it can offer.
Refinance to get a better rate
The finance market is very competitive, and a deal signed two years ago may not be in your best interest today. However, if your bank is not in a position to offer you a better rate, there are many lenders in the market who can get you a better deal.
Engaging a finance broker like 1800Approved would make the job even easier allowing you to compare a panel of 40+ lenders in just one application. It even saves you from the negative impact on your credit score that comes with multiple credit enquiries showing up on your credit file.
For a free finance health check, enquire now.
Lock in a great rate
You may have seen the news recently that the RBA kept the official cash rate on hold at 1.5% for a record 21st meeting. However, it won’t stay that low forever!
In fact, half of Australia’s leading economists in Australia’s longest running survey – the BusinessDay Scope economic panel – believe the RBA will lift its cash rate by the end of the financial year.
With so many experts predicting interest rates to rise in the next 12 months, and some banks already increasing their interest rates, now could be a good time to lock in an interest rate on your finance.
Consolidate debt
Refinancing helps to reduce the interest payable on the different loans you have, which can include multiple car loans, business loans or personal loans. It basically involves combining all the loans into a new one, giving you one simple repayment to make each month instead of a bunch of them – which can lead to late fees if you forget one.
Enquire about your refinancing options and SAVE! At 1800Approved, refinancing a car loan saves the customer $1,241 on average. So get a free loan health check today –
Article originally posted on PRWire.