Refinancing can be powerful — but timing matters.
Here’s when it may make sense.
1️⃣ Interest Rates Have Dropped
If your current rate is higher than market rates, refinancing could:
- Lower repayments
- Reduce total interest paid
- Shorten loan term
2️⃣ Your Fixed Rate Is Expiring
Many borrowers experience “rate shock” when fixed terms end. Reviewing options before expiry is crucial.
3️⃣ You Want to Access Equity
Equity can be used for:
- Investment property purchase
- Renovations
- Debt consolidation
4️⃣ Your Financial Situation Has Improved
If your income increased or debts reduced, you may now qualify for better terms.
Costs to Consider
- Discharge fees
- New application fees
- Valuation fees
- Break costs (if fixed rate)
A refinance should always deliver a net financial benefit.
👉 Unsure if refinancing is right for you? Let’s review your loan.