Why Refinance?

• Your current home loan may no longer suit your needs.

• To save money with a lower interest rate.

• Need to access your home equity.

• Debt Consolidation.

Your Current Home Loan May No Longer Suit Your Needs - Often your personal circumstances can change such as business, employment, family, etc.

To Save Money With A Lower Interest Rate - Lenders are continually competing with each other to attract new clients. That is part of the reason our industry (mortgage broking) exists. Because we are independent, we are not influenced by them, this allows us to provide you with best deals from a wide choice of lenders & products to suit your borrowing needs. It is important to understand that because lenders are often focused on attracting new clients instead of looking after their existing clients. You (the customer) may not be aware of a promotion or special offer that your current funders is offering. In most circumstances you may also be eligible to these same offers or specials. This is were Precise Mortgage Solutions is also different to the rest, as we first look at the options you have with your current lender before switching you to another lender. This can often save you thousands of dollars.

Need To Access Your Home Equity - More and more people are refinancing to access the equity in their property for worth while purposes such as renovation, the purchase of shares or an investment property, etc. The key is to have sufficient equity in your property. What is Equity? In basic terms, Equity is the difference between what your property is worth and how much you currently owe (loan balance) on your home loan. Example: If your property is valued at $500,000 and your current loan balance is $300,000, you equity will be $500,000 - $300,000 = $200,000. Note: Lenders maximum LVR (loan to value ratio) still does apply, i.e. up to 95% LVR in some circumstances.

Debt Consolidation - Provide you have sufficient equity in your property, you may also be able to refinance your existing home loan to pay out higher existing debts such as credit cards, personal loans, car loans. This may allow you to capitalise on the lower interest rates offered by a home loan rate, often decreasing your overall monthly expenditure on the payments of these debts. This will also allow you to combine all your existing debts into one simple to manage monthly repayment, often giving you more control of your finance. IMPORTANT: Always speak to a financial adviser or planner before making any decision in regards to your financial matters.