Refinancing your home loan

By You and Money

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.

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