Over time, our financial circumstances and requirements change. At the same time, the financial market also changes, as well as innovation across various loan products. Therefore, if you’ve had your current home loan for a number of years, it’s quite possible that there may be significant benefits to changing.
It’s a good idea to review your home loan from time to time to make sure it is still helping you achieve your financial goals and has all the features you need (we suggest every couple of years, though an annual enquiry into the suitability of your current arrangements isn’t necessarily overkill),.
If you compare home loans and find another loan that better suits your needs, you can refinance your home loan. Refinancing involves paying out your current loan with a new one. It may shorten your loan term and reduce repayments on your loan, so you can afford to make extra mortgage repayments and own your home sooner.