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Refinance and Debt Consolidation

Here are some key things to know about refinance and debt consolidation finance in Australia:

Refinancing and debt consolidation are two options available to borrowers to help manage their debt. Here are some key things to know about each option:

  • Refinancing: Refinancing is the process of taking out a new loan to pay off an existing loan, often to obtain a better interest rate or more favourable loan terms. In Australia, borrowers can refinance a variety of loans, including home loans, business loans, commercial loans, and car loans including balloon payments.
  • Benefits of refinancing: Refinancing can help borrowers save money on interest and lower their monthly repayments. It can also provide access to additional features, such as redraw facilities or offset accounts.
  • Costs of refinancing: Refinancing can come with costs such as application fees, valuation fees, and legal fees. It's important to factor in these costs when considering whether to refinance.
  • Debt consolidation: Debt consolidation involves taking out a new loan to pay off multiple existing debts, such as credit cards, personal loans, or car loans. This can help simplify repayments and potentially lower interest rates.
  • Benefits of debt consolidation: Debt consolidation can help borrowers save money on interest and fees, and reduce the number of repayments they need to make each month.
  • Costs of debt consolidation: Debt consolidation loans may come with higher interest rates or fees than existing loans, so it's important to shop around and compare options.
  • Eligibility: Eligibility for refinancing or debt consolidation in Australia depends on factors such as credit score, income, and debt-to-income ratio.

If you’re considering refinancing or debt consolidation, we can help you research and compare different lenders and loan products to find the best option for your needs and budget. We can be your trusted partner throughout the entire finance process and beyond. Get in touch with us today for a free consultation.

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