A good article from the MFAA on when and why to refinance.
The most common reason for people to refinance their mortgage is to get a better deal and lower rate. But be careful you don’t become interest rate-fixated. Your mortgage needs to have the flexibility to do what you need which often isn’t possible with low rate basic home loans eg redraw, offsetting interest without hefty fees for doing so.
Home Equity: When property prices increase in value at a significant rate. e.g. a home you bought for $600,000 five years ago, might now be worth $800,000. Refinancing your mortgage and tapping into that extra $200,000 equity can help you purchase an investment property and help you build wealth.
So let’s have a look at your mortgage and see what it’s doing for you!
http://www.mortgageandfinancehelp.com.au/re-financing/when-would-i-refinance-my-mortgage/
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