When you refinance, you’re effectively replacing your existing home loan with a more suitable option, either by changing products or moving to a different lender.
Refinancing your mortgage can help improve your financial situation in different ways:
- Getting a loan with a lower interest rate
- Adding better features more tailored to your situation
- Reducing your mortgage repayments
- Combining your existing personal debts such as credit cards, personal loans or car loans
- Having access to the equity in your home
By speaking to a mortgage broker, they can assess your personal situation and compare the best home loan products for your needs.
