Whether you make the switch or not always comes down to your circumstances. Critical factors include:

  • $ How much you owe on your existing loan and how long it will take to pay it off.
  • $ Your earning potential, now and in the future.
  • $ How long you plan to stay in your existing home.
  • $ Whether your living costs will increase in coming years (having children, for example).

Your Mortgage Broker is the best person to weigh up all of these factors, work out whether you should refinance, and then help you find the best new loan. They will also manage all of the paperwork to help make the refinance as simple as possible. People most often consider refinancing when they find themselves in one of these situations: