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Most people refinance at some point. There are lots of reasons why it might be a good idea to update your loan package and Homeloan Corp can help you find a new loan that is more suitable for your current needs.
No matter why you're looking at changing your loan, we have access to a wide range of current products and the advice you need to make a wise choice. Here's some of the most common reasons for refinancing.
1. Refinancing can help to improve the value of your home.
You can refinance your mortgage to access some of the equity in your home for renovations and extensions. You'll be able to get the cash you need without getting an additional loan, improving your house and increasing its value.
2. Want to reduce your repayments?
Refinancing can sometimes reduce your repayments, particularly if you've had your loan for a while or your financial situation has improved (meaning you qualify for a lower rate). Alternatively, you could refinance to extend the lifespan of your loan and in turn reduce your monthly repayments.
3. Refinance to access your equity for other purposes.
If you've owned your home for a while, you may have an amount of equity built up. Lenders will let you refinance your mortgage to access some of this equity. You can use the cash for lots of purposes, including:
- As a deposit for property investment.
- Educational costs.
- To help your children purchase their own home.
Credit cards, car loans and personal loans usually have much higher interest rates than your home loan. Refinancing and rolling all your other debts into your home loan could reduce the amount of interest you're paying and help you save money.