Refinancing
Refinancing refers to changing your home loan to a new one that matches your current financial situation. It can be done internally (with the same lender) or externally (with a new lender).
Wanting a better interest rate, to consolidate debts into one & to access equity are just some of the reasons people choose to refinance.
Before going ahead, it’s important to do your homework and seek professional advice to ensure it’s the right decision. A mortgage broker will conduct a feasibility study that incorporates the interest savings & switching costs to ensure it is worthwhile.