Your SMSF loan is most likely uncompetitive and has high fees. If you already have an SMSF loan on your investment property, it’s quite possible that you have an uncompetitive rate and high fees.
If you thought about refinancing your property to take advantage of a better deal, but since there aren’t many lenders in the market who offer SMSF loans, is it worthwhile to refinance?
As with refinancing any other type of loan, the main benefit of refinancing your SMSF loan is the possibility of getting a better interest rate to save more money. You could save thousands more if you refinance to a lower rate SMSF loan if the rate on your current SMSF loan is high and there are similar loans available on the market that would offer lower rates.
That way you can build your retirement wealth quicker by saving thousands of dollars more. As well as offering better features and flexibility, one of the other benefits of refinancing your SMSF loan is that you will be able to get a new SMSF loan that offers you more benefits.
SMSF loans are slightly more complex beasts than your typical loan. It is important that before refinancing your SMSF loan, you pay attention to a few important factors:
The next step in refinancing your SMSF loan is to contact a strategic mortgage broker that understands SMSF loans. They will be able to assist you in understanding if you are eligible for it and have all the necessary documents ready as soon as you have weighed up all of the above information and decided that it would be worthwhile.
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