Questions & Answers

Refinancing is a process of taking out a new mortgage on an existing loan. Normally you do this intending to modify the conditions of the loan because of a change in personal or financial circumstances.

Common reasons for refinancing include:

  • Seeking lower-interest repayments
  • Switching to a fixed, variable or split loan product.
  • Using the equity in your home to take out as cash
  • Adjusting the term of the loan
  • Consolidating debt

Most lenders will typically require you to be up to date with your payments within the past 6 months. The requirements of each lender will vary depending on which bank you intend to refinance with, but most lenders will require you to be clear from any defaults for a certain period of time. If you are late on your repayments, it is best for you to check the policies of the lender as it could vary depending on how much you are behind on your repayments and for what reason.

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