“In short, without mortgage brokers, finding a home loan would be harder and more expensive for all Australians.” Mike Felton, CEO MFAA
When applying for a home loan, lenders will take a close look at your income but other aspects of your personal finances will be put under the spotlight also.
Debt consolidation involves consolidating a range of different debts into one single loan that has a lower overall interest rate. The greatest advantage of this is the potential to enjoy savings on the monthly repayments, potentially cutting hundreds – even thousands of dollars from your overall interest bill.
You’ve been mulling it over for some time, and now it’s a reality: you’re going to be moving home next year!
When it comes to selling or refinancing your property, your aim is to enhance the value of your asset to its maximum. Improving your home in simple ways can help attract more interest from the market, allowing you to command a higher price or stronger valuation.
Home ownership has long been touted as the great Australian dream, but nobody wants to live with a mortgage forever. If you can afford to pay more than the minimum repayments on your mortgage, it may help you save money in the long term.
If you’re thinking of selling, it’s a good idea to run through a quick financial health check and do your homework on current average home prices in your local area.
Consolidating multiple debts into a current mortgage could be a worthwhile exercise to get out of the multiple loan repayment maze.