Why refinance your home loan?

If you have an existing home loan here are four good reasons why it may be time to consider refinancing your existing home loan.

1. A better home loan

Home loans have become far more sophisticated in recent years. Now many home loans have standard features like offset accounts, lines of credit and account splitting. These features can provide you with more flexibility when managing your home loan. It’s worth looking into whether your current home loan offers you the flexibility you need to meet your financial goals. If not, it might be time to consider your options.

2. Home improvements

When you’re renovating your home, you don’t usually need to pay all of your suppliers up front. Payments fall due at various intervals, so you need a flexible home loan that allows you to make payments when required.

3. Debt consolidation

If you have other debt (e.g. personal loans or car loans) at different interest rates, or savings you could use to repay your debts, then debt consolidation is an option that may be relevant to you. Generally, home loan interest rates are lower than those for personal loans or credit cards, so consolidating your debts into your home loan could save you money.

4. Tax efficiencies

Tax efficiencies may be achieved by structuring your home loan appropriately when purchasing an investment property or shares. Please speak to your accountant, tax professional or financial adviser to determine how refinancing your home loan could benefit your tax situation.

To learn about the range of Macquarie solutions, see our home loans or contact us for more information..