Blue Coast Finance

One of the most important financial decisions you can make is to regularly review your mortgage to ensure you still have a competitive product that suits your particular lifestyle. Don't forget you also need to consider your other personal debts and any future investments.

HOW MUCH MONEY CAN I SAVE BY REFINANCING?

Refinancing your home loan to another lender is not a decision that should be taken lightly. You need to be aware of all the upfront and hidden costs to ensure the move is worth your while. You also need to take into account the "hassle factor" of changing lenders. This can sometimes include changing bank accounts, salary credits, direct debits, credit cards etc.

The first step n deciding whether to refinance is to compare the interest rates from your current lender to the new lender, but remember to make sure the comparison is between similar products. For example, generally a fully featured line of credit will have a higher rate than a basic home loan. You need to make sure that you're not paying for features you don't need.

Once the savings in interest have been ascertained, then it's onto calculating costs of refinancing. This can include costs such as discharge fees, exit penalties, application fees, government registration and stamp duty, mortgage insurance etc.

The equation is simple, if the interest savings over say a 5 year period are higher than the costs then a refinance would be worthwhile.

SHOULD I CONSOLIDATE MY PERSONAL DEBTS?

Often one of the main motivations for refinancing is to consolidate personal debts at the same time so you have one management repayment. Personal debts are those such as credit cards, store cards, personal loans, car loans, family loans etc. Generally these debts are at much higher interest rates than a home lan and the repayments are also required over a much shorter period. Of course given this is a refinance the costs of changing lenders must not be forgotten. 

An example of the benefits of debt consolidation is shown below:

As you can see from the above example, in this scenario by consolidating the car loan and credit cards debt into the home loan the client has saved over $700 per month in repayments.

HOW CAN BLUE COAST FINANCE HELP ME?

At Blue Coast Finance our ethos is to review a clients situation and to recommend a refinance and/or debt consolidation only if it puts the client in a more advantageous position by either lower repayments or interest savings. We value our reputation and aim to be your personal lender for life, not just for the one transaction.

Our innovative "Transactive" software program is what allows us to search through a panel of over 30 lenders for the most suitable loan for your unique circumstance. We also complete all the necessary paperwork and guide you through answering any questions you have along the way. Most importantly we also demonstrate to you the financial position that a refinance will create for you i.e the overall savings andd costs.

Unlike many of our competitors who charge upwards of $6,000 to refinance your loans, our service is at no cost to you as we are paid by the lender only if your loan settles.

We are happy to visit you at home 7 days a week or why not drop into our office for a cup of tea and a friendly chat.

At Blue Coast Finance we specialise in refinancing and debt consolidation and have many happy clients. Why not read through some of our testimonials to see what they had to say.