How to Refinance Personal Loan

There’s no denying that 2020 was a tough year financially for many Australians, so we’ve put together this blog to answer questions you might have about how to refinance a personal loan.

Refinancing can help significantly reduce the total amount you’ll pay over the term of the loan, or even reduce the length of the loan.

Why is now a good time to refinance? At the moment, many lenders are vying for your business and offering good deals on fees. Plus, the RBA has kept interest rate at historically low levels.

However, it’s important to note you still need to be in a relatively strong financial position to refinance, so you can obtain approval for any new loan.

In this article we look at refinancing personal debt, including:

Finance Finance Finance is a Brisbane based finance brokerage firm. We help clients across South East Queensland and beyond get the best deals on their vehicle, equipment and property loans. Keep reading to find out more!

Why Should I Refinance Personal Debt?

Refinancing can be beneficial and possibly save you money if you find a loan that has:

Also, at Finance Finance Finance, we have no early termination fees when you want to pay the loan out!

Refinance Personal Loans, Car Loans and Home Loans

Here are some reasons why you may want to consider refinancing these loans in 2021.

Personal Loans

Many lenders have started 2021 by scrapping account keeping fees and establishment fees for personal loans, as they try to win your business.

Are you paying your minimum amount of credit cards? If you’re on minimum payment, you’ll still be paying the card off in 42 years!

If you choose to refinance, it’s a good time to establish new (healthier) money habits – where you pay the full amount off each month.

Car Loans

Did you buy a car when interest rates were higher? Or when you had an issue with your credit file?

At Finance Finance Finance, we offer a free finance check. That means we’ll investigate and see if we can better your interest rate with a different lender.

Here’s one recent client example:

Car finance secured with the dealer at 8.30% over 7 years.

We were able to refinance the remaining 5 years on the loan for a new lower rate of just 5.17% through a non-bank lender, saving the client almost $3,000 over the term of the loan.

Home Loans

ome lenders are currently offering considerable cashback incentives for those who choose to refinance their mortgage.

Refinancing can be a good reset of your financial goals and can put you back on track to achieve them.

Debt Consolidation Loans Australia

If you have multiple debts, it could be worth consolidating them into one new loan, something we can help you with at Finance Finance Finance.

Doing so can alleviate the pressure of forking out for multiple repayments and make it easier to manage your cash flow. However, consolidating debts isn’t for everyone.

Here are a few things to keep in mind when consolidating:

How to Refinance Personal Loan

If you’ve set a goal for 2021 to get your finances and personal debt in order, let the qualified brokers at Finance Finance Finance help.

For advice about your specific circumstances, please reach out to our qualified team here or call 1800 230 872, and we can work out the best solution for you.