You probably remember that Solomon said “The borrower becomes the lender’s slave”. It is good to avoid that if you can.
Banks have been forced by government to give borrowers a lot of lee-way with loans during the covid 19 pandemic. Soon they will look to get those loans back on track. But there is a hidden danger for borrowers.
Loan contract terms will have been broken even though the bank has allowed it. Experience shows that banks often use that later as an excuse to appoint a receiver or foreclose.
By re-financing you can start the loan all over again, afresh with no defaults to your name and you can extend the loan terms to let your business or farm recover slowly.
At GBAC we help clients find the best and most appropriate loans for them. We do not accept brokerage from the bank as bank mortgage brokers do. We work 100% for the borrower.
Once you have a couple of new banks offering you suitable loans as re-finance, then you can put that proposition to your existing bank and see if they will refinance you on the same terms. They probably will, but only because there is competition for your loan business from other banks. That is how they make their billions. Then you can choose who you go with.
Give us a call if you want a hand. 0428 417 496