Refinance Home Loan
Refinancing a loan is the act of switching an existing loan to another financier/bank.
For instance, your current outstanding loan is $1m, and your interest cost is 2%. Just for ease of calculation and approximation, your interest cost is $20,000. Over 3 years, you will have paid around $60,000 of interest. If you switch the loan over to another bank with an interest of 1.2%, your 3 years interest cost would amount to approximately $36,000. You would easily have saved around $24,000 over a 3 year period. (Note: All calculations are estimates and used for references only).
There are rules for refinancing and you will still need to meet TDSR before refinancing.