Despite the current challenging times, banks are still competing to win your business with better rates, cash-back offers, and waiving certain fees as an incentive to refinance.


1. Interest rates are at an all-time low and reducing your repayments with a cheaper interest rate will simply give you more money in your back pocket each month.

2. Reducing your interest rate could allow you to pay off your loan faster. As your loan amount decreases, your usable equity increases.

3. With equity comes opportunity. If you already have strong equity growth in your appreciated value of the property, as well as refinancing, you could use the equity for other purposes, such as home improvements and renovations, purchasing another investment property, or just create additional income/savings to reduce your financial stress.

4. Negotiate and source better loan features. The process of refinancing can be an opportunity to reevaluate and potentially restructure your loan differently and assess the features that you need and do not need that could save you hundreds of dollars in fees each year.

5. You may be able to consolidate multiple debts into one central loan that can reduce your interest payable, as well as your monthly repayments.

Most importantly, with any financial decisions, it is recommend that you seek professional advice from your accountant, bank lending officer, and/or your financial advisor to ensure that any guidance that is being given to you, is correct to achieve the outcomes that you want.

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