Refinancing means replacing your existing home loan with a new one – either from your current lender or a new one. Why? To take advantage of better loan terms.
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Routine maintenance is necessary for every homeowner. But for Black women, that burden is complicated by decades of redlining and the impacts of climate change.
As with any major financial decision, you need to understand how the renovation fits with your broader life goals. Why do you want to do it?
While authorities such as the Reserve Bank often see them as risky, interest-only loans can be helpful in some circumstances.
Banks typically do not want their customers to default on property and have processes in place to help reduce the risk of this happening.
Depending on circumstances, it may be time to re-think the bias to paying down housing debt over wealth accumulation in super. At least to do the sums, so you can make an informed choice.
Top contributors
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Senior Lecturer, Finance and Financial Planning, Griffith University
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Associate Professor in Finance, University of Sydney
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Assistant Professor of Sociology, Tulane University
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Associate Professor in Property and Real Estate, Deakin University
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Lecturer, Financial Planning and Tax, RMIT University
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Professor of Wealth Management, RMIT University