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Home Loan Refinancing: Pros & Cons

Updated: Jan 14

Intro

Refinancing can reduce repayments, improve loan features, or unlock equity—but it’s not always the right move. Understanding the benefits and costs is essential before switching loans.

Pros of Refinancing

  • Lower interest rates

  • Access to offset and redraw facilities

  • Ability to change loan terms

  • Debt consolidation opportunities

  • Access equity for investment or renovations

Cons of Refinancing

  • Refinancing fees and break costs

  • Restarting loan terms

  • Lifestyle inflation risk

  • Time and paperwork involved

When Refinancing Makes Sense

Refinancing works best when interest savings outweigh costs and the borrower plans to stay in the property long enough to benefit.

 
 
 

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