Switching home loans could save you money and give you the flexibility you need to allow you to better manage your finances, but you may end up worse off if you’re not careful. Read Refinancing Pros and Cons before you decide.
A NEW CAR? A WELL DESERVED HOLIDAY?
Refinancing could let you use the equity you’ve built up in your home to renovate, or replace that aging car, maybe even sneak off for a holiday overseas.
But that would also increase your debt and make the amazing power of compound interest work harder against you.
JUST STARTING OUT?
Some banks offer micro enterprise loans to enable businesses to get started.
This is usually in the form of a credit card issued in the name of the business, (with an interest rate at the low end of credit card rates).
Your application will be assessed both in the context of your personal credit rating, and of your business plan.
Start by searching your bank's website for 'micro business loan' or 'micro enterprise loan'.
THINK YOU MAY HAVE BEEN SCAMMED?
• Report it to your bank.
• File a police report.
• Get a copy of your credit report - check that no-one is using your name to borrow money or run up debts.
• Warn your family and friends.