There are many reasons why people choose to refinance their existing home loans. When you refinance, a new loan is established with your existing lender or a new lender. This usually means the loan term starts again.

The two main reasons for refinancing are to:

Access the existing equity in your existing property for renovations, holidays, deposit for an investment property, buy shares and debt consolidation.

Take advantage of a loan product better suited to your current financial situation; For example, switch from a fixed to variable rate loan, or vice-versa access a lower interest rate or lower fees, or to access features of other products e.g. mortgage offset account, redraw facility.

Refinancing: pros and cons
What will my repayments be?
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