Buying guide
The pros and cons of refinancing your mortgage
Why switching to a new mortgage lender is always worth considering
AI summary
Refinancing your mortgage involves switching to a new loan, often with a different lender, to secure a better deal. This is distinct from restructuring or refixing with your current bank.
Key benefits can include securing a lower interest rate, reducing repayments, accessing cash incentives, or releasing home equity for other projects.
However, be aware of potential costs like break fees, lawyer fees, and clawbacks on previous incentives. Experts suggest an annual mortgage review, and a mortgage broker can help simplify the process.
What you'll learn:
What is mortgage refinancing?
Why do people refinance their mortgage?
Refinancing offers more than getting a better deal, it could allow you to free up some cash.
What are the downsides of refinancing your mortgage?
mortgages.co.nz has a clear and concise section entirely dedicated to reviewing or refinancing your mortgage.
Learn moreAuthor
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