Refinancing your home loan means taking out a new mortgage to repay your existing loan. Perhaps you’ve experienced a change in personal and financial circumstances or maybe you’re simply after a better deal. Either way, changing to an improved loan structure can provide the financial benefits and flexibility that your current loan lacks.
Refinancing doesn’t always mean switching lenders, as you can refinance internally with your current lender. But take it from the pros: lenders rarely reward you for loyalty, so you’ll likely end up with a lower interest rate if you choose a new one. In fact, brand new customers often nab better rates than those who have stuck with their lender through thick and thin! That’s why we recommend checking the market for refinancing opportunities every two to three years.
So, don’t get locked into a home loan that’s draining your finances when you could be saving time and money.