Robert and Sally were worried. Due to unexpected medical expenses, they had three Credit Cards maxed out. Total amount owing on the cards was $30000. They were paying $550 a month in interest!
There was also a $45000 Personal loan with a repayment of $970 a month.
These repayments has placed them under a great deal of financial strain and they were struggling financially.
The good news was that their home loan was only $250000 while their Home was worth $650000. So they had reasonable equity.
Nurse Home loans refinanced their home loan to another bank at 2.94% pa. (2.98% pa Comparison rate) A big reduction in rate! At the same time, their home loan was also increased by $75000. The extra $75000 was used to pay out their cards and personal loan.
Because the home loan rate was a lot lower than the previous bank rate, their home loan repayments were almost unchanged. Yet all the expensive debts were now gone!
Robert and Sally are now able to continue life, free of financial stress.
Disclaimer: The comparison rate is calculated on the basis of a loan of $150000 over a 25 year term.
Warning: This comparion rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.