If you have a mortgage, you may have heard from your neighbors, on the news reports and even the federal treasurer talking about refinancing to get a better deal. Should you be considering it too? There are many situations in which refinancing your mortgage may be right for you, especially if you have been with your current lender for 2 or more years. What is refinancing? In short, when you refinance your mortgage, you are basically changing from your existing bank or lender to a new one for either a better product, greater borrowing capacity or a better rate. While there are many benefits to refinancing, it’s important to remember that you’ll still have to pay some costs when moving between lenders, these are mostly government charges and applies regardless of which lender you go with. If you’re looking to get a better rate or term by refinancing, you should consider the break-even point: the length of time it will take for you to recoup the costs of refinancing (if any). If the savings from the rate difference is recouped with the first year, we suggest refinancing as you will be better off in the long term. Additionally, some lenders give significant cash back for refinances and these not only cover the government cost, you potentially will have money left over to put into your offset account or redraw on settlement. For more home loan tips and to apply for a winning home loan, visit loansHub.