Should you refinance your home loan? If you want to enjoy more loan features or secure a better interest rate, home loan refinancing can be a good solution. It's also a great opportunity to tap into any home equity you've built up and get control of your debt.
Secure a better interest rate
The most popular reason home owners apply for a mortgage refinance in Melbourne is to reduce their monthly repayments by securing a lower interest rate. However, home loan refinancing can come with some costs, so it's crucial to weigh up the savings you gain against the expenses involved.
Switch between fixed/variable rates
If you decide you want to take advantage of a lower variable rate, you can switch to a variable rate loan. Or, if you suddenly prefer the certainty of repayments that will stay the same over a period of time, you can switch to a fixed rate loan.