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Saving up taking too long?

Saving up taking too long?

mortgage cash outHave you been dreaming of that overseas holiday? Or of finally getting around to those home renovations?

A personal loan might be an option if saving up is taking too long.

I have a mortgage – shouldn’t I just take cash out?

If you own property, you could also opt to take cash out of your mortgage. However that decision should be based in part on the percentage you owe on your mortgage, as borrowing over 80% of your property value will incur mortgage insurance. In most cases this is more suitable for those wishing to buy a property or consolidate multiple debts.

But, if you are looking for a small amount of cash and don’t own property or owe more than 80%, than a personal loan can provide a solution to help you get the things done that you have been waiting for.

Many people don’t know that making multiple applications has a negative impact on their credit file. This can make borrowing in the future much harder.

How do I apply?

It is always a good idea to get an upfront assessment. An experienced finance broker  can take a look at your income and liabilities. to determine your eligibility. This is crucial to help match you with a suitable lender.

If you would like to know whether you may be eligible for a personal loan that could suit your personal financial circumstances, contact Bee Finance Savvy on 1300 140 554 or enquiries@beefinancesavvy.com.au

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