REFINANCING
– HOME LOAN
Where
an existing home loan is paid out by another lender, and that other
lender takes over the loan. You can refinance by arranging for
another lender to pay out your existing home loan. You may also be
able to borrow extra money from the new lender. You always have the
right to terminate your home loan, either by paying it out early or
by refinancing with another lender. You should work out whether you
will save any money after you have paid the costs involved in
refinancing.