Should I refinance to save money? Of course, it depends on your individual circumstances, but for most of our clients, the answer is a resounding yes!
In today’s market, we are flooded with a barrage of financial advertising. The sheer influx of information can lead to confusion and costly mistakes.
When we first met our clients, they were about to embark on one of these costly mistakes. The Dream Team was able to assess the situation and provide a much better solution.
Refinancing Saved Our Client over $40k Up Front!
With a business that was rapidly growing and still operating from home, our client had decided that the best course of action was to purchase a commercial property. They had signed a contract with finance arranged by another broker, but they were concerned that they may be over-extending themselves.
As soon as Dream Financing looked at their contract, they could see that the clients were right to be concerned.
With some adjustments and creative thinking, Dream Financing was able to secure finance for a commercial property in a great main road location, and a new contract that immediately saved them $40k in fees UP FRONT.
A Consolidated Home Loan Saves Money Too
If saving $40k up front wasn’t enough, the Dream Team were able to take things even further. In addition to their commercial property, they also had an interest-only loan for their home that amounted to $720k.
We could see that our client’s current home loan was not optimised as well as it could be. The team set to work on correcting this.
Dream Financing arranged to refinance their home loan to a new contract that covered both Principal and Interest; and which saved them 1.5% or $10k per year.
Refinancing Shaves 9 Years Off Home Loan
Our client was comfortable with home loan repayments they had become accustomed to. Therefore, they chose to continue this level of payments, despite their new contract offering them $10k in potential savings per year.
This translates to their home loan being paid off much faster.
In fact, it reduced their home loan term by 9 years, meaning that they will comfortably own their home before retirement.
Could Refinancing Save You Money?
In this instance, refinancing saved money, but also offered lifestyle benefits too. The team at Dream Financing provided an alternative solution that allowed the client to:
- Save $40 in upfront fees on a new commercial property purchase
- Move their business out of their home and into a new property that would facilitate exposure, expansion and growth of their business
- Save up to $10k per year on their home loan
- Reduced the term of their home loan by 9 years
- Own their home before they retire.
This particular client is just one example of many that we have helped. Although every situation is different, refinancing your mortgage and other obligations, could save you money too.
Dream Financing specialises in taking in the bigger picture (your goals and dreams to recommend the best course of action). Our years of experience allow us to assess every situation and develop a plan to get you on the right path. We know how to reimagine finance!
If you would like to know if you should refinance to save money, the first step is to contact the Dream Team. We will carefully assess your obligations and set you on the path to success.
Dream Financing is the mortgage broker of choice for Brisbane North, including Eatons Hill, Albany Creek, Warner, Draper, Samford and surrounding areas. We’ll help you find the best loan products no matter what your personal situation is.
We offer expert advice on a huge range of services including home loans, investment property loans, cashflow finance for self-employed, commercial property loans, car loans for self-employed and equipment loans for self-employed.
Call us today: Warren 0419 781 428 or Brenton 0423 030 533 or contact us online here.
