What does this mean for you?

Is your loan as competitive as it once was? Does it still meet your needs? Did you know that some banks have relaxed their policies, making it easier for you to refinance with more lenient assessment protocols?

Major changes include:

• Reduction of refinancing stress test to one percent, down from three percent.
• Fast-track income rules for business owners.
• Up to 90% of gross residential rental income used.
• Reduction of minimum credit score to 650, with 12 months good repayment history.
• Consolidate tax debt.
  

How refinancing can benefit you:

• Get a better deal: This could save you thousands of dollars on your loan, reduce monthly loan repayments, and help you pay down debt sooner.
• Switch to interest-only: Preserve cash flow by reducing monthly repayments without the need to pay back principal.
• Access equity: Unlock additional funds through home or investment property equity.
• Debt consolidation: Combine accumulated debts into your mortgage for a single, simplified repayment, often at a lower interest rate.
• Features and structure: Improve your loan’s efficiency by altering your loan term, and repayments or adding features such as offset or loan splits.

Our highly experienced Finance Solutions team can search the market for a competitive product that better suits your needs and manage the entire refinancing process efficiently and seamlessly. We’ve helped hundreds of people refinance to improve their financial circumstances.

To see if you can benefit from refinancing, get in touch with us to book your no-obligation consultation with us.

Steven Papanastasiou – Principal, SCM Finance Solutions