Why you should restructure your loan

Should you restructure your loan? Why?

Restructuring your loan, or switching loans, can be an effective way to free up funds for purchasing an investment property or renovations, and it could help you better manage your finances.

How do you know when to restructure your loan, and is it always a good idea?

You should contact your Financial Advisor regarding your current situation and discuss your options. Five main considerations when thinking of refinancing are:

1) Weigh up the cost of any fees with the potential gains you may make by switching to a loan with a lower interest rate.

2) Aside from early exit fees incurred by your exiting loan, it is also important to take into account costs that are attached to your new loan, including application and annual fees.

3) Refinancing is also an opportunity to consider the different types of loans that are available and decide which one is right for you.

4) Think about how much you want to borrow when you are working out whether now is the time to refinance.

5) If you are refinancing, it can be a good time to roll up all other debts that attract a higher interest rate into one loan.

As Property Investment Specialists Grit Property Group is your property investment GP. So, talk to us first and let us plan your property investment journey.

Our clients enjoy peace of mind knowing that our tailored property investment strategies have them covered.

Grit Property Group’s Investment Specialists can guide you through the end-to-end process of investing in property, as well as building an investment property portfolio over time, so you can plan for a financially secure retirement.

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