FAQ: What is Mortgage Refinancing (Home Loan Refinancing)?
What is Mortgage Refinancing (Home Loan Refinancing)?
Refinancing your home loan, investment loan or commercial mortgage is the process of changing your property loan and/or lender.
Refinancing allows you to select a new loan product that better suits your current circumstances, and take advantage of additional benefits provided by your current lender or another lender.
Essentially, when you refinance your mortgage you take out a new loan against your your property, which replaces your existing (old) loan. The funds from the new loan are used to pay out your current loan.
To quickly check whether your current home loan is still the best loan for your circumstances you can complete an online Home Loan Check-up.
Please note that this information is of a general nature only. You should consult an accountant to obtain information specific to your situation.
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