Is it time to refinance?

Sofie has worked with a professional Mortgage Broker, Kellie Cowie, on a number of client refinancing projects with significant savings achieved!

With the current rate rises, now may be a good time to review your current mortgage / debt arrangements.

Examples of recent real-world refinances Kellie has obtained for clients are detailed below:

1. A professional couple with two young children with a mortgage interest rate of 6.57% pa and credit card debt of $17,000 with a rate of 21.99% pa.

Solution – Refinancing their existing home loan at a rate of 5.24% pa and setting up a second home loan account for $17,000 to consolidate their credit card debt with a much shorter loan term, Kellie enabled them to streamline their finances and close their credit card, freeing up cash flow.

2. An ‘Empty Nester’ couple who wanted to refinance their home loan (interest rate of 6.34% pa) and wanted to draw out some equity from their property to upgrade their car and do some minor home renovations.

Solution – Mortgage was refinanced at an interest rate of 5.24% pa.

3. A professional couple wanted to review their SMSF loan of $432,000.

Solution –  Refinanced their loan with another provider, reducing the interest rate by 1.71% and saving them $691 per month in repayments.

4. A brother and sister with an investment property that they have owned jointly for many years.  Their 2-year fixed rate of 1.98% had just expired and their existing lender offered them a variable rate of 7.37% per annum.

Solution – Kellie was able to secure a reduced interest rate of 5.39% pa with another lender.

If you would like to review your current lending arrangements, please click here to contact Prudentia Financial Planning, or Kellie Cowie via her website at www.bydesignfinancial.com.au