Times change and banks products and pricing are constantly evolving, so it is important to review your finance to make sure it continues to be competitive.
The team at Trusted Finance Solutions can conduct a finance/loan health check to ensure your interest rate and structure remains appropriate.
In addition, you may have found that over time, you have accrued a number of debts such as home loans, car loans, personal loans and credit cards. Consolidating your loans to a lower overall rate of interest may also be an option to:
- Reduce monthly interest
- Improve cash flow
By consolidating you existing loans, even business debts at residential interest rates, you can potentially save a significant amount of interest and in many cases improve your cash flow. Some banks even pay you cash to move to them as they are keen to win your business.
In summary, the main reasons to refinance to a new bank include:
- Your situation changes and your existing structure becomes outdated.
- Better offers in the marketplace appear which can save you money and reduce your repayments.
- You wish to tap into your equity for home renovations or future investments.
- You wish to consolidate a number of debts and improve cash flow.
Your TFS Broker will:
- Compare hundreds of bank products from over 50 lenders and determine the loan that suits your needs.
- Calculate your maximum borrowing capacity to ensure a consolidation is possible.
- Ensure your deductible debt is segregated from your non-deductible debt.
- Outline all fees and charges associated with moving banks to ensure that any costs do not outweigh the benefits to move banks.
- Guide you through the process and provide advice from initial enquiry all the way through to settlement of the refinance and beyond.
