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Refinance and Review Before Christmas

As Christmas approaches the thought of paying for presents and entertaining can be daunting, but simply by refinancing your loans you could have more cash on hand rather than maxing out the credit card.


Perth, Western Australia, Australia – WEBWIRE
Shane Smith has had 20 years of banking and financing experience, ranging from Vehicle and Equipment Finance to Home and Commercial Property Lending.
Shane Smith has had 20 years of banking and financing experience, ranging from Vehicle and Equipment Finance to Home and Commercial Property Lending.

Finance for Tradies (www.financefortradies.com.au) expert Shane Smith said by refinancing high rate loans into lower rate facilities people could have more cash to pay for Christmas expenses.
 
“People often end up hammering their credit card at Christmas time,” Mr. Smith said. “High credit card interest rates means this can lead to a huge debt that continues to be paid long after Christmas has gone. Reviewing your finances before Christmas can make the holiday period much less stressful.”
 
Christmas can be a time when work dries up for tradies and other workers. By planning for the quieter period now, you could save some financial pain later. If you review your finances when your credit is good and clear, there will be more options available. This can result in lower monthly repayments and less interest as lower rate facilities will be sought after.
 
Refinancing your loans could have the added benefit of consolidating your loans into one, making them easier to manage.
 
Mr. Smith said despite the benefits of refinancing, people should be aware of some potential pitfalls:

  • Exit fees and penalties
  • Weigh up the total cost of refinancing
  • Don’t leave it too late

Mr. Smith said people could be paying too much for their loans and there was a way of freeing up some cash.
 
“There is help at hand, however make sure you speak with a licensed finance professional,” he said.
 


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