Refinancing refers to the process of replacing your existing home loan by taking out a new home loan, either through a different lender or your current one. The new loan should ideally have better features and terms that improve your finances, making the whole process worthwhile.
People usually apply for a mortgage refinance in Melbourne because their financial situation has changed since they first borrowed the money or more beneficial loan terms have propped up that weren't available before.
There are fantastic benefits when you refinance your home mortgage in Melbourne. To make sure it's the right choice for you, weigh up the different expenses that can be involved in the transfer, such as exit fees, borrowing costs, stamp duty and Lenders Mortgage Insurance. For more details about these costs, reach out to a refinance mortgage broker in Docklands like What If We Finance.