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Some reasons you may want to consolidate your debt by refinancing your home loan, include:
- It may help you manage a range of other short-term debt solutions that usually attract a higher interest rate. This may include existing credit card, store card or personal loan debts.
- Managing a single loan gives you a regular repayment amount
Before you decide that refinancing your home loan is the best way for you to consolidate your debt, you need to consider a number of costs that could arise during this process.
Depending on your situation, refinancing can attract a range of fees and other charges, including:
- Lender fees: This includes exit fees for your existing loan, establishment fees for your new loan, and any other applicable lender fees and charges
You should factor in all of the above costs when deciding if refinancing is an option for you.
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