Australian homeowners have been hearing it everywhere: "record low interest rates, now it the time to refinance". What does this mean for them? How could this help them? And should they refinance their home? There are a lot of situations where refinancing could be very helpful for you, so here are the top 5 benefits to refinancing your home loan. Firstly, what is refinancing? Refinancing is when one replaces their current loan with another loan, with either their current lender or a different lender. Benefits to refinancing your home loanThere are a wide range of benefits to refinancing, the primary reason being your current home loan no longer meets your current needs.
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