Refinancing

Refinancing your existing debts might be the right option if you are renovating, consolidating debts, searching for other interest rate options or repayment options or to raise funds for any other legal and worthwhile purpose.

The mortgage market is competitive and always on the move. And things in your life are probably on the move too. St James Finance will review and based on your individual requirements recommend a lending solution to meet your needs. As things change, either with your financial situation or with the lending landscape, a regular review will make sure that your loan is still a good fit for your requirements.

When considering refinancing, ask yourself the following questions.

  • Are you thinking about renovating your home?
  • Are you thinking about moving house or buying investment property?
  • Have your circumstances changed since you took out your loan? Have you changed jobs, increased your salary or had any children?
  • Do you receive your salary weekly or fortnightly?
  • Have you thought about consolidating debts? If you have a credit card, car or personal loan you can’t pay down, there may be other options available to you by rolling these debts into one and freeing up cashflow.

If you answered yes to more than a couple of questions then it would be wise to review your finances. St James Finance will make this a quick and painless exercise. We’ll manage the process and negotiate with lenders on your behalf, asking the right questions with a view to securing features to benefit you.

Getting ahead on your home loan

Many people refinance their homes or investment properties to reduce their monthly home loan repayments. Here are some other aspects of your finances that you might review to save money.

  • 1. Review the frequency of your home loan repayments

    If you are paid weekly or fortnightly, see if you can change the frequency of your home loan repayments to fit (this may not be possible on all products). Because the interest on your home loan is calculated daily, making a payment two weeks earlier each month saves money in the long term, and in the short term helps make ongoing budgeting easier.

  • If you’re paying high rates of interest for debt on credit and store cards—each of which will probably have an annual charge—think of consolidating debt in one place. You may be able to access a lower overall interest rate, reducing monthly outgoings. You will avoid paying duplicate fees and a single monthly debt repayment is easier to manage than having to pay multiple credit card bills.

  • Cars are often the largest family expense after home loan repayments. As family needs change and petrol prices rise, transport requirements can also change. Could you trade in your car, not only reducing monthly repayments, but potentially saving on maintenance, insurance and fuel costs? Are you getting the best deal for money spent on car insurance and repairs?

  • There are three ways you may be able to save money on your insurance premiums. First, shop around when renewals are due, rather than simply continue with your existing provider. You may also be able to reduce monthly premiums by raising the excess payable, or by improving the security of your home.

    Finally, some insurers provide discounted rates for bundling together policies such as home, contents, car, health or life insurance. Perhaps you could make an overall saving this way?

    Organising your insurance through a broker could save you money. For example, if you take out home insurance you could be eligible for a 10% discount for the first year and 90 days of free cover.

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