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Why should I refinance my loan?
Refinancing is common for a number of reasons and the main ones can be summarised as follows:
- To get a better interest rate
- To lower monthly repayments
- To consolidate debts
- To release equity or increase the loan
Getting a better interest rate:
Competition is fierce among lenders and often new products come on the market which are not necessarily offered by lenders to their existing customers. Your Citiwide Lending Specialist can review your existing loan and tell you whether you’re still getting the best rate from your current lender. If refinancing with your existing lender is not possible, we can then offer you alternatives from our panel of 24 lenders.
Reducing your monthly repayments:
There are two ways to reduce your monthly repayments:
- Is to switch to a lower interest rate
- Is to extend the term of your loan.
Consolidating your debts:
Consolidating all your debts into one low repayment makes sense. Often you may find yourself juggling several repayments such as, Housing loan, Personal loan, Credit Cards and Store Cards etc.
In all cases, Personal loans and Credit Cards are at a higher interest rate that home loans and you can save yourself thousands of dollars by putting them under the one loan.
Make a fresh start today by calling us on 1300 732 630 for a FREE home loan health check or contact your local Lending Specialist here.
Release the equity in your home:
You may want to release the equity in your home for a number of reasons. For example, releasing equity can make cash available for investing in other assets such as property, shares, managed funds or perhaps a business. Whatever the reasons, give us a call to find out what option is best suited to what you want to do.
Refinancing with Citiwide
We can help you make that informed decision. With our unique Loan Qualifier software, our Credit Advisers will walk you through all the home loans and products on the market to help you get the most suitable loan.
If your circumstances have changed or may change in the near future, you should seriously consider refinancing. Call us on 1300 732 630 today to arrange a free, no-obligation appointment. You can also contact us using our Online Enquiry Form.