Last week, Sarah came to us as a single-income household and was struggling to keep up with her mortgage repayments after her fixed rate expired, leaving her with a high-interest rate in the 6% range. As a result, her monthly repayments had skyrocketed to almost double their original amount!
Frustrated and seeking ways to save money on her repayments and interest rate, Sarah turned to Mynt Financial for help. Within just five minutes, Mynt Financial was able to analyze Sarah’s ANZ bank statement and identify ways to save her money.
With Mynt Financial’s expert guidance, Sarah was able to refinance her mortgage and consolidate her debts, resulting in an instant savings of $700 per month!
By consolidating your debts, you can simplify your payments and potentially lower your interest rates, resulting in lower monthly payments and a shorter payoff timeline.
Refinancing, on the other hand, involves taking out a new loan to replace an existing loan, typically with a lower interest rate. This can help reduce your monthly payments and overall interest charges, saving you money over the life of the loan.
By combining these two strategies, you can consolidate your high-interest debts (such as credit card balances) into a single, lower-interest loan. Then, you can refinance that loan to get an even lower interest rate, resulting in even greater savings.
If you’re struggling with high-interest rates and mounting debts, don’t hesitate to reach out to Mynt Financial for expert advice and solutions that can help you take control of your finances and secure a better financial future.
