Refinancing is the process of switching your existing home loan to a new one, usually at a lower interest rate and save money.
Refinance can help you save thousands of Dollars and there are a number of different reasons in which refinancing a home loan or mortgage can provide an advantage. Some of the most common reasons to refinance are,
- Looking for more suitable interest rates
- Reducing monthly loan repayments
- Debt consolidation and combining your outstanding debts such as a personal loan, car loan or credit card into your mortgage, so that it’s easier to manage your finances
- If you’re coming to the end of a fixed rate term, and looking for a more suitable interest rate
- Looking for new features such as flexible repayments, redraw facilities or an offset account
- Accessing equity in your home to renovate, invest or travel