Some people are finding it difficult to pay their existing debts with the increased cost of living.
Rents have increased, home loan repayments have increased. This can affect your day to day living, causing you to delay purchases, spread out repayments to try and pay for the increased cost of fuel/food and electricity.
Some clients may consider refinancing some of their debts. Some debts may be excluded if you are on a great interest rate. Other times, it may be beneficial to you to consolidate even good interest rates so you can lower the monthly payments.
Do you have Business Debts? Whether the business is still trading or not, you may be able to refinance these debts and still keep them as tax deductions.
Consolidating your debts may not be for everyone though. Refinancing debts can increase the amount of interest you need to pay to the lenders as the debt is refinanced over a longer period of time.
Other times, the decision to refinance can be the decision between staying in your current home and selling and moving. This can be a tough upheaval. Your future money goals may also affect your final decision as well. Some people may need to pay the minimum payments for a short period, as their income may be due to increase sharply. Or it could be the other way around where your income is due to reduce.
If you would like to know more about your refinancing options and what it will mean to you, please call to discuss 0403 211 361. We will also have a chat about your future and how your changes will affect your ability to pay for your new loan and if it is suitable for you.
