Refinancing tips & tricks

Banks like to make remortgaging sound as difficult as it looks, what with all that fine print and the silent 't'. The best time to reconsider your current home loan is 3 to 6 months before an introductory rate expires (whereupon your interest will jump up to the variable rate, unless you opted for a fixed-rate loan).

Refinance loans in three easyish steps

They may seem painful, but think about how much more excruciating 25 years of excessive repayments will be.

• Check out the competition. Mozo can help here, with a quick home loan search of the whole market , or better yet, an instant home loan health check report on the best loan for your situation. (Mozo crunches the mortgage rates, home loan fees, introductory offers and more.)
• Do your sums. Or make Mozo do them for you! Our comparison calculator is happy to oblige - plus you can check up on any exit fees on your current lender.
• Slap on your bargaining hat. Once you know how much you can save by switching, challenge your current lender to match it - or better it. You may be surprised. (And if it sounds too tough, consider bringing a mortgage negotiator onto your team.)