1.. To save money
By far and away the biggest reason people chose to refinance their home loan is ‘To save money’. Lowering your mortgage payment can also save you hundreds of dollars per month that could be used to pay your home loan off faster, pay for the kids education, update your car.
What would you spend the extra savings on?
2.. To access funds for various personal or financial goals
Other uses for a lump sum in cash are literally endless – you could use your equity to buy your family that long overdue overseas holiday you’ve always wanted or even use it to invest in a business or shares
3.. To release equity for property investment
Property investment is currently one of the most popular ways of building wealth for your future. Whilst saving the deposit to purchase a second property may be difficult for many, rapid rises in property values over the least few years has provided an opportunity for many to refinance and release equity in their home to use as a deposit instead.
4.. To renovate or extend your home
Renovating or extending your current home to meet the needs of your growing family or changing lifestyle is often a better option than purchasing an entirely new home. By renovating or extending, you will be able to create the home that exactly meets your needs and if you’re careful about the improvements you make, perhaps even increase its value at the same time. Even though you will need to access your equity, you may in the end also improve the value of your home to offset this cost.
5.. To consolidate debts
Your home loan interest rate is probably the lowest form of interest you will need to pay on any loan in Australia. Credit card interest rates can be as much as four times higher than your home loan interest rate and this can make credit card debts difficult to pay off. Other expensive debts like car loans or personal loans can also prove to be a drain on your finances.
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