There is a saying the only two things you can rely on in life is death and taxes... Life is unpredictable, so during the average life of a home loan being 25-30 years, your personal circumstances, needs and finances will inevitably evolve. To accommodate this evolution one always has the option of refinancing.

Here are three ways refinancing can benefit you.

1. Renovate - If your home is desperate for a facelift, look no further than your mortgage broker, you could be approved to borrow up to 80 per cent of your home’s value, mortgage interest rates are usually much lower than credit card and personal loan rates.
2. Save - If you are smart, you will know that a lower interest rate means you can pay off more than the minimum monthly repayment and put a serious dent in the balance of your loan, ultimately owning your home sooner.
3. Consolidate - Having multiple debts is obviously a major stress, rolling your debt into your home loan could be the right option for you ­ particularly if it's credit card debt.

It’s important to remember every circumstance is different and requires individual attention; thankfully you can contact your local Loan Market agent for the best advise for you.