Cash Out
A cash-out refinance can help you unlock the value in your home to fund your financial dreams and objectives. You can get money from your home by releasing equity with a ‘cash out’ home loan. Use it for several purposes, such as:
- Buy a property
- Invest in a business
- Invest in the stock market
- Consolidate your debts
- Buy a new car
- Renovate your home
- Additional funds for holiday
- When you’re having a baby and on maternity leave
Before making a decision, it is important to weigh the costs and benefits of cash-out refinance. You should also think long-term, other than just the convenience of having extra cash today. To further assess whether cash-out refinancing is right for you, please consult with one of our 3Carrots mortgage brokers by calling 0434 390 688 or email doug@3carrots.com.au.
What is refinancing?
Refinancing is the process of paying out your present home loan by applying for a new loan, usually with a different bank or lender. Sometimes refinancing is also called “loan switching” since you are switching an old loan to a new one. Refinancing can also be your ticket to better loan features and lower interest rates. 3Carrots specialises in switching clients into more beneficial home loans.
Here are some popular reasons why people go for refinancing:
- for home improvements or renovations
- for paying other debts
- for purchase of another investment or a car
- for getting a cheaper rate, even if it means giving up some loan features
- for switching from variable to a fixed interest rate, or vice versa