Refinancing is applying for another mortgage to replace an existing one.
Refinancing offers a number of benefits if you’re planning on moving house, renovating or looking for a different home loan option.
The main reasons for doing this are to:
- upgrade to a better home loan that has more features, is more flexible, or is cheaper (i.e. has a lower interest rate)
- borrow additional funds to renovate, invest, or for other large expenses
- unlock the equity in your home to invest in other projects (i.e. the equity is the difference between the market values of your property and the amount you owe on your home loan)
- consolidate your debts such as credit cards into your new debt which will mean you only paying back this debt at the rate of your new loan.
Stonegate could save you thousands of dollars through a range of refinancing options. To ensure you are aware of the best options available to you, we’ll complete a free Home Loan Health Check. Contact Stonegate’s refinancing experts today.
