Refinance – Home Equity Loan – Cashback $3000
Refinance Success Story, Home Equity Loan – Cashback $3000 Cheaper Rate, better product– Cashout for Renovations
Solution – Better home loan product with options to have an offset account and quick access to funds for home renovations.
Scenario
Jacqueline wanted to take advantage of her home equity and refinance. She wanted to take advantage of the cashback offers the banks were offering to see if she qualified.
She had some credit card debt she wanted to pay off and to do some renovations on her property. When Jacqueline received notice that her interest rate was going up significantly and coming off a fixed term.
This was a perfect time for Jacqueline to look at refinancing and take advantage of the bank’s $3000 cashback offers.
With only a few weeks to holidays and Jacqueline going on a long overdue holiday, we had only a short time to do so and needed a fast refinance too.
We were able to do this over a 20-year loan term and reduce here repayments by going from a high interest rate.
At the time we found a product, the rate was going to down to 6.5%. We decided to lock in the rate on half the loan and the rest variable to make use of any rate reductions.
This allowed Jacqueline to pay off the mortgage in a stress-free way by utilizing one payment – her home equity loan.
Solution
After considering all the options on my panel. Jacqueline’s requirements in finding a suitable lender who had a cashback offer.
Jacqueline needed to service with the lender and match the requirements for the credit policies.
After we were able to meet the requirements matching the credit policies Jacqueline was presented with three options.
All three options were presented as split fixed and variable rate home loans to meet Jacqueline’s requirements.
She wanted to fix some of her loan and the other on the variable rate.
She needed the variable to give her the option to draw down the funds as needed with renovations.
The outcome for Jacqueline’s requirements and the best option was Suncorp. Suncorp’s home equity loan at the time was offering the lowest interest rate with a low annual fee.
The package offered an offset account and a fast refinance due to Jacqueline going on holiday and wanting to do the refinancing before she left.
