Refinancing your home loan
Refinancing is when you replace or extend your existing loan with funds from a new mortgage lender or your current lender.
There are many reasons why you might want to refinance your loan, including:
- to take advantage of a better home loan
- to switch from a fixed rate to a variable rate
- to pay off debts by rolling them into your home loan
- to raise cash to buy something.
If you’re thinking about refinancing, be clear about your goals and what you want to achieve – and be aware that you’re likely to incur fees. It’s a good idea to discuss refinancing options and potential costs with your mortgage provider.