Refinance for a better rate to improve cash flow and cash out for future investment use.
One of our clients had their regular review and wanted to have a good look to see where we could improve their cash flow. We looked at refinancing, extending interest-only terms and reducing their current rates substantially in the process. Also confirmed they could obtain some cash out from their owner-occupied home to purchase another investment property. Our broker Maria assisted the customers to reduce the interest rates on their current owner-occupied mortgages and investment mortgages as well as obtain a further $100,000 to put towards another investment property.
The rate went down on their owner-occupied home loan by 1.65% and investment loans by 1.25% and overall improved their cash flow by $851 per month. So with even borrowing the additional $100,000 from their mortgage our clients still saved $851 per month. They did move forward and added another property to their portfolio.
Is it time for you to review your mortgage and potentially save thousands as well? Chat to a WhiteStar Mortgage Broker today.