Fundamental points to consider when refinancing

With interest rates at historically favourable levels, many homeowners consider refinancing their mortgages.

Choosing When to Refinance

Refinancing suits those planning renovations, seeking streamlined finances, or consolidating debt.

Beware of Costs

Multiple expenses accompany refinancing: application fees, discharge fees on existing loans, and break costs for fixed-rate mortgages.

Lenders Mortgage Insurance (LMI)

Borrowers needing more than 80% of the property value must pay LMI, regardless of prior LMI payments on their current loan.

Check Your Credit Rating

Poor credit can make refinancing counterproductive, as applications impact credit scores.

This article does not constitute financial or legal advice.