Is refinancing worth it?
When should I refinance?
Refinancing is taking out a new, better loan, to replace an existing one. It’s usually done to obtain a lower interest rate and save on mortgage repayments.
Whether in an emergency or to pay for a new car, holiday or renovations – refinancing is a great way to access extra funds.
Tap into equity
Is your current interest type serving you well or are there better deals on offer with a different interest rate? Refinancing may be right for you.
Change from fixed to variable rate
Shortening your loan term
For those who want to pay less interest or pay out their mortgage faster, refinancing to a shorter loan term could potentially be a good option.
Increase flexibility and features
If you find yourself in a better financial position with different goals, refinancing to access better loan features could potentially be a smart move.
For someone with multiple types of loans – personal, car loans etc., you can choose to refinance to consolidate all of your loans under your mortgage.
To consolidate debts
A lower interest rate
A lower interest rate could potentially save you money on interest repayments or help you pay off your loan faster.
Your choice made easy.
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