When you first buy a home and get a home loan, meeting high mortgage payments and managing cash-flow can be a real challenge. Refinancing to another bank or lender can be an effective way to reduce your monthly commitments and improve your cash flow. Less money to your mortgage means more cash for you!
There are a range of factors that could make a new loan with a different lender the best way to lower your monthly repayment, and make it worthwhile to refinance away from your current bank:
- a cheaper interest rate
- a longer loan term
- more useful features that allow you to manage your money better and pay off your loan faster
- lower monthly or annual home loan fees
- a combination of all of the above