Mortgage refinancing is simply taking out a new mortgage, to replace your current mortgage. It’s a good idea to review your mortgage every two to three years, and compare it with what else is on the market, to ensure your mortgage is still appropriate for your needs.

There are many reasons why people will refinance home loans, including:

• to get a better deal e.g. lower interest rates, little (or no) monthly fees
• consolidation of finances e.g. consolidation of credit card debt, personal loans and car loans into one loan can save money
• personal life changes e.g. having children, a cessation in employment, selling / buying  investment property