What is refinancing?
Refinance lets you change from your current home loan lender to a new home loan to suit your needs. It is very important to review your home loan approximately every 12 months to ensure that you are still getting a good deal. New home loan products are constantly coming into the market and you could have an out-dated product and interest rate that’s costing you money.
Do you have a personal loan, credit card debt or car loan?
It is possible to save a considerable amount in interest payments by combining these debts with Lux Finance.
While this can be a good idea in many cases, you should consider a couple of things first. Such as, are there any exit costs on your short-term loans, which would cancel out any benefit derived by consolidating with your home loan? You will also need to be careful not to end up paying more by spreading your repayments over a longer period of time.
Lux Finance can help you to restructure your finances and discuss ways for you to obtain the
savings and avoid the traps.
Reduce your monthly commitments by getting a lower interest rate.
Consolidate your credit cards, personal loans or other debts and get a lower interest rate – non-secured debt in most cases in charged at a higher interest rate than your home loan.
Release some equity from your property to carry out refurbishments or renovations to your existing home.
Refinance your mortgage to access a new and improved home loan product that will in most cases give you a new features such as a 100% offset account or redraw facility.
Access funds to finance a long overdue holiday or investment opportunity.