When you refinance, your new lender covers your old mortgage and replaces it with a new mortgage.

 Refinancing your mortgage can help you secure better rates and lower monthly payments, which means you will pay less for your property overall.

As well as refinancing to reduce your monthly payment, you can refinance from a 30 year to 15 year mortgage, for example, if you want to pay your mortgage off quicker.

In addition, restructuring your loan allows you to switch between fixed and variable rates and allows you to maximise your property’s value as an asset.

Reworking your mortgage can help with debt consolidation by folding several high interest debts into one, at a lower rate.

Refinancing is not a second mortgage but an entirely new mortgage, with ideally more favorable terms.

Want to beat your current interest rate?

Visit  www.cheaphomeloansaustralia.com.au