By switching to a refinance home loan with a lower interest rate or a longer repayment term (or both) you can significantly reduce your monthly repayments.
For example, if you have a loan with $350,000 remaining to be paid over 16 years, with a comparison rate of 4% p.a., your monthly repayment will be $2,471. If you decide to refinance your loan at the same 4% p.a. rate for 20 years, you will reduce your monthly repayments to $2,121. Even better, if you refinanced at a lower rate, say 3.8% for 20 years, your monthly repayments would go down to $2,084.
