These days many Australians have a home loan, a car loan, a credit card or two or three, some have a store card or two, and some even have an additional personal loan. It can be exhausting when you are constantly juggling your finances to meet each repayment on time. And have you ever thought about how much money you are spending on interest alone? Take a moment to add up the interest charges and see how much money you are wasting each month.
The solution may not be too difficult. If you consider refinancing your home loan and consolidating your debts, you can save on the interest you pay monthly, by using the new loan to pay off those high interest charging balances. You will end up paying a home loan rate that could be a third of a credit card rate. You will only need to pay one repayment per month, and you only receive one set of loan statements.
To see how this could work for you, take a 2 minute break and watch our Money Chat video ‘The benefits of refinancing to consolidate debt’.
Then give Mortgage Choice Aspley a call to see how we can help you to streamline your finances, cut back on the number of repayments and save on interest.
The money you save could be put to better use, such as paying off your home loan quicker, or treating yourself to a night out in Brisvegas.