It appears that more and more Australians are in favour of unlocking equity for purchases by refinancing their home loan.
When it comes to making sure you find the right loan, you’ve got to remember that circumstances can change. Settling into the ins and outs of a mortgage means being prepared and knowing how you’re spending you hard-earned cash. Unfortunately, sometimes interest rates, acts of God or your own job situation can change, and you have to work out a new home loan.
Well, according to some research that came out earlier this year, many Australians are finding this to be very beneficial!
In a recent press release, the research company found that many more Australians were buying new cars. But what’s important is how people were getting the cash to buy them! Since home prices have been skyrocketing in recent years in Sydney and Melbourne, lots of people have found that by refinancing their current home loan, they can access a lot of money for easy spending and use.
So what can you do with the money you get when you refinance?
That IBISWorld report showed that people were buying cars, of course, but their researchers said people were freeing up money and using it for lots of other one-off purchases too. If you’ve been living in a home that’s seen its value go way up in the last few years, you might be in a position to take charge and get money.
Whether it’s for a car, a holiday, or even to move forward and invest in real estate, the opportunities are endless. It could even be the next step on your way to that dream of being a property mogul!
Get advice and get ahead
Another report, from ME Bank, recently found that Australians are feeling much more comfortable with their money. If this is you, and you want to work out a way to access equity, then refinancing could be a great idea. Talk to us first about whether it’s right for you, and you might end up with the key to unlock a large amount of money in your home loan.