What should you consider before refinancing?

Mortgage holders who are unhappy with their current deal ultimately have two options available to them: renegotiate with their current lender or refinance to a new lender.

For those who are satisfied with their current lender but are after a better interest rate, attempting to renegotiate could be the first move to make.

Borrowers who are either unable to negotiate a satisfactory rate reduction with their current bank, or who are just wanting to move on, may want to think about refinancing to a new lender. Though it's worth noting that some mortgage holders won't be in a position to refinance.

Read more: What is the home loan loyalty tax?

Get stories like this in our newsletters.