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Empower Wealth Blog post by Empower Wealth

Credit Card & Refinancing Debt

Ok, so the festive season has passed and the credit card and bank statements are starting to hit the inbox or the letter box for us old timers.  A good festive season was had by all on the plastic, but now’s the time to find the cash flow to pay it off to ensure the interest we pay remains the lowest possible.

Other than a short term fix of switching to a new card with a lower introductory interest rate, the fact remains that at some point that debt needs to be repaid or consolidated.

Consolidating this debt can make a lot of sense, especially if you are able to consolidate it into the other lowest form of interest rate debt, your mortgage.  By using the equity in your home you can payout your personal debts (including higher interest debt such as credit cards, car loans, personal loans etc).  This will ensure you minimise the interest you pay and if you remain committed to using the savings made from refinancing, you will have this debt paid off even quicker!

Furthermore, whilst you’re reviewing the household’s debts, you should also be taking a look at your current home loan to see if you are getting the best savings from your current mortgage.

Currently we have a lender that’s offering a 6.89% variable interest rate (conditions apply), but considering the likes of CBA and the other majors have rates as high a 7.91% that can make for savings in interest of $2,550 per year on a $250,000 loan.  Now that type of money is far better in your pocket than in the shareholders of the banks – right?

Imaging having an extra $2,550 to spend this year, by getting a better deal on your current mortgage.  (If you don’t have a mortgage, then tell someone who does).  This market leading deal is not from the Big Banks, but offers plenty of features and benefits that make a great loan product.

We welcome the opportunity to have your situation analysed to see if we can help you save money on your current situation.  Our initial appointment is obligation free and some of our additional value-added services, such as our Budget and Savings Report or our Cash Flow and Wealth Projection Report, could be the catalyst for starting to dramatically improve your wealth position.

We take care of all the application and compliance paperwork and showcase a way forward to getting you on track to achieving your desired outcomes.


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