The average Australian refinances their home loan every 3.5 years. They refinance

for various reasons such as;

Renovations
Purchasing a car
Holidays
Buy a boat
Taking extra cash out

When you refinance for one of these purposes you are actually drawing up on the

available equity in your property. This is the wise option to take, as opposed to

getting a personal/car loan, or even worse putting it onto a credit card at 16%

interest.

When you refinance your home loan it is at home loan rates, so you are better off

having to pay interest on your new car or holiday at approximately 7% as opposed to

personal loan rates of 12% or credit card rates of 16%.

Many Australians also refinance their home loans because they can get a better loan

than what theyve currently got. Usually refinancing onto a lower interest rate is a

very popular reason for most Australians. By getting into a home loan with a cheaper

interest rate you will end up saving thousands of dollars in interest and be out of

debt a lot quicker.