With big savings possible from refinancing, start planning how you’d spend the extra cash.
If you’re looking for some spare cash, forget scraping the bottom of the piggy bank. Refinancing your home loan has the potential to put money back in your wallet – and there are untold ways to spend the extra cash.
Opportunities to save
With the official RBA interest rate^ the lowest since the 60’s and likely to remain steady for the time being, it is possible to secure a rate cut and enjoy valuable savings.
Competition between home loan lenders is intense right now, and there’s a good chance you could get a better deal by refinancing. Switching to a new loan or lender has the potential to cut loan fees, lower the rate you’re paying and reduce your monthly repayments.
It makes refinancing a very simple way to free up valuable money. So what would you do with the extra cash?
A stitch in time
The savings generated by refinancing could be used to pay for some much-needed home maintenance, helping you avoid a far bigger repair bill further down the track.
Fixing a leaking tap or a few loose roof tiles today will cost a lot less than allowing the problem to escalate to the point where you have rising damp or a leaking roof.
Or use the cash freed up by refinancing to complete a budget-friendly home makeover – a fresh coat of paint, some new cupboard handles for the kitchen or a few seasonal home accessories can really dress your place for winter.
A chance to get ahead
You could also use the cash freed up by refinancing to kick-start a savings regime. It could be the start of something big – like a deposit on an investment property. That definitely makes it worth taking a look at whether you could be better off by refinancing your home loan.
A well-deserved break
Here’s another exciting option – why not splurge your refinancing savings on a much-needed winter break? Maybe a ski trip to New Zealand. Or for sun lovers, a vacation to far north Queensland to soak up some rays could be just the tonic you need.
Put yourself in the running for a winter getaway
To help you escape this winter and add even more excitement to your refinancing savings, Aussie is giving away Flight Centre voucher worth $2,000* each.
To be in the running to win this brilliant prize, simply undertake a full home loan needs analysis appointment with an Aussie broker to receive an opportunity number and enter your unique code at aussie.com.au/wintergetaway. Competition closes on 14th June 2014. For the full terms and conditions, click here
Ahh holidays … if money were no object and you could go anywhere and do anything (within reality – we’re not talking time travel) where would you go and what would you do for your ultimate holiday? Share your dreams in the comments below!
If you enjoyed this article be sure to share it via the share buttons below.
^ The RBA interest rate refers to the RBA cash rate. The RBA has only been publishing an official cash rate and range since 1990. Prior to this, cash rate measures are historical proxy data of the current measure.
*Conditions apply – see www.aussie.com.au/winter-getaway-terms-and-conditions. Starts 07/04/2014. Ends 5:00pm AEDST on 14/06/2014. Must be 18+. Limit 1 entry per person. Draw at the Promoter’s office on 27/06/2014 at 12:00pm. Winners published at www.aussie.com.au/wintergetawaywinners on 18/07/2014. Prize for each of the following groups: NSW/ACT, VIC/TAS, SA, WA & QLD/NT, is a $2000 Flight Centre voucher. Promoter: Aussie is a trademark of AHL Investments Pty Ltd. Aussie is a partly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. © 2014 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786. NSW Permit No. LTPS/14/02084, ACT Permit No. TP 14/01015, SA Permit No. T14/501.
Aussie does not provide any financial or investment advice. It does not take account of your objectives, financial situation or needs. Aussie recommends that you seek independent financial advice and obtain your own professional legal and taxation advice before making an investment decision.