When you switch your home loan, with the same lender or to a new lender, you are refinancing. Generally, it is wise to review your home loan every 2 to 4 years to see if you have any chance to benefit from refinancing.
To make the decision whether to refinance or not, you need also take into account the cost associated with exiting your existing home loan, and the upfront and ongoing charges from the new loan. Therefore, it is important to compare between different lenders and products and speak to your mortgage broker or accountant before refinancing.
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