Refinancing a home loan at a lower rate can produce significant interest savings, provided you don't stretch out the loan repayment term at the same time. By switching a $350,000 loan account at 4.5% p.a. comparison rate with 16 years still to run, to a new loan with a comparison rate of 4.0% p.a. you would save a total of $17,190 in interest costs if you kept the repayment term to 16 years.
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