There can be some fantastic benefits in refinancing your home loan - just make sure you also weigh up the different expenses outlined below that can be involved in the transfer to make sure it’s the right choice for you.
Quick answers: what's involved in refinancing a home loan?

Replacing your current home loan with a new one

Receiving additional or better features

Exit fees and borrowing costs to consider

Offering savings on interest
Refinancing refers to the process of paying out your current home loan by taking out a new loan, either with your existing lender or through a different lender.
Here Joel Gibson, Money-saving expert & author of Kill Bills!, explains the process of refinancing and explains how refinancing can help save you on your home loan.
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Why refinancing a home loan can be a sensible step
Depending on your circumstances, not all of these will apply. It’s worth having a chat with a Mortgage Choice broker to explore the costs involved with your individual situation, and balance these with any potential cost savings of switching home loans.
Understand the costs to refinance

Refinancing guide
Considering refinancing? Our guide explains the reasons, costs and steps involved in refinancing your home loan.