Need cash? Refinancing your existing mortgage with a home equity loan is easy and fast.
Home equity loans are a popular way to finance home improvements or consolidate debt. You can even use the equity in your existing property to buy an investment property.
Better than a credit card
Home equity loans have lower interest rates than credit cards or personal loans because they’re essentially a home loan. You replace/refinance your existing mortgage with a new loan for a higher amount and access the surplus amount in cash.
As such they’re a great option if you need access to a larger amount of cash or if you want to consolidate credit card or personal loan debt which you’re currently paying off at a higher rate.
You can use the cash for whatever you want. Well, not for whatever you want but to pay off debt, buy a new car, an overseas trip, to renovate or put in a swimming pool or even to use as a deposit on an investment property
Application approvals for a cash out refinancing are usually fast because you’ve already established you can afford the loan. Settlement is super quick once the final approval is ready. The whole process is easy – you won’t even need to speak to your existing lender.
Got questions about how to arrange a cash out refinancing or how this could work for you? No worries – let’s talk!