It means paying out your current loan and replacing it with one that’s the right fit for you. Refinancing can potentially save you thousands. You can even refinance with the same lender but your new loan should come with better rates and terms tailored to your unique circumstances. Regularly reviewing your home loan and overall financial position is the key to becoming debt free and setting yourself up for a lifetime of financial success.

• PAYING LESS: A lower interest rate can reduce your monthly repayments.

• PAYING BACK FASTER: Flexible terms put you in control of your repayments, allowing you to potentially cut years off your home loan.

• UNLOCKING EQUITY: Access the equity in your home to access cash when you need it. Fund your renovation, plan your next holiday or upgrade your car. Access the deposit for an investment property purchase.

• TAKING CONTROL: Consolidating your other debts into your home loan can reduce interest rates and give you a clearer view of your finances.

• TAKE ADVANTAGE OF DIFFERENT FEATURES: You may wish to switch to a loan with additional features such as a redraw facility or offset account.