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Things you need to know
Thinking about mortgage refinancing or consolidating your debts?
Are your credit card debts getting difficult to manage?
If you are have a number of loans (i.e. mortgage, credit cards, personal loan, car loan etc) then refinancing your existing mortgage or home loan may be an option for you.
But it's not always the best. Before you leave your home loan in search of a lower rate, make sure you calculate all of the fees and charges which will be associated with your new loan, as well as comparing the interest rates.
Why should I refinance my home loan
-Home improvement such as remodelling, refurbishment, installing a pool or adding outbuildings.
-Debt consolidation to pay off credit cards, store cards and other loans.
-Saving money by refinancing to a mortgage with a lower interest rate or reduced fees.
-Accessing loan features better suited to your current situation, for example switching from a variable rate to a fixed rate.
-Accessing equity in your home for overseas travel, investment property and other purposes.
-If you're no longer happy with your current lender or loan, or your financial situation has changed, you may wish to consider refinancing.
What are the costs of refinancing
Refinancing can be useful, potentially allowing you to access the equity you have in your property, get on top of debt or save money. However, there are also potential costs (both direct and indirect) that you should be aware of before you decide to refinance.
Exit fees may apply when you pay out a loan early, usually in the first three to five years of your term. It could be a percentage of the remaining loan balance or it may be a set charge. Check your loan contract for more details.
Costs of refinancing a home loan, investment property loan or commercial property loan may include:
New loan fees
application, establishment and registration fees
Stamp Duty & Fees
mortgage insurance (depending on the loan-to-valuation ratio)
Current loan fees
early payment or settlement penalties and fees
Aden Finance's loan consultant will analyse your current situation, understand your future needs and suggest an appropriate solution. You can sometimes opt for a different loan with the same lender and save some money. Generally, people move to a different lender for various reasons like low interest rate, better service, etc.
The value of refinancing will depend on your current personal loan and also your financial situation. To determine the value of refinancing you should calculate what your current loan/s are costing you and then compare that to the cost of your new loan. Remember to include the initial costs for setting up a loan and also the interest you will save over the life of the loan, not just in the initial period.
To get a competitive interest rate on your current mortgage or to increase your loan term that allows you to free up some extra cash, you may want to consider refinancing.
Although this can be a difficult process for people with bad credit, it is still a very feasible option with a specific non-conforming home loan.
Yes! We can help you consolidate your finances under one home loan, to save you money and simplify your banking.
By consolidating these debts into your home loan, you can significantly reduce the amount of interest you pay since the interest rate on your mortgage is usually much lower than on credit cards or personal loans.
As well as the interest rate savings you make, you‘ll reduce the hassle of making those multiple repayments by replacing them with a single, regular loan repayment.