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If the replacement of debt occurs under financial distress, refinancing might be referred to as debt restructuring.A loan (debt) might be refinanced for various reasons: Refinancing for reasons 2, 3, and 5 are usually undertaken by borrowers who are in financial difficulty in order to reduce their monthly repayment obligations, with the penalty that they will take longer to pay off their debt.Penalty clauses are only applicable to loans paid off prior to maturity.

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However, make sure you tally up all the fees involved in switching loans to see if you are saving a enough to make the process worthwhile.

Although exit fees were abolished in Australia in July 2011, fixed agreements made prior to this date may still incur an exit fee.

An MFAA Approved finance broker is not your average mortgage broker.

Refinancing is the replacement of an existing debt obligation with another debt obligation under different terms.

With the competitiveness of the market, there are constantly offers available that cater to all purposes of refinancing.

Refinancing is when you change your current home loan to a new one that satisfies your current financial situation.

So, once you’ve consolidated your debts, consider snipping your credit cards in two. Remember the 80% LVR threshold When you took out your mortgage, you might have been under the 80% loan to value ratio, which meant that you didn’t have to pay lenders mortgage insurance.

Be careful when you consolidate your debts that you don’t reduce the equity in your home and have to pay lenders mortgage insurance.

Seek advice from a tax agent before making a decision in this area.

To learn more about debt consolidation, contact an MFAA member today.

In the context of personal (as opposed to corporate) finance, refinancing multiple debts makes management of the debt easier.

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