Mini Blog Series: Does Refinancing Reset Your Loan Term?

Thinking about refinancing? You might wonder if it resets your loan term. The answer depends on the structure of your new loan.

When refinancing, you can choose a new loan with a 30-year term, which extends repayments over a longer period. This can lower your monthly repayments and help with servicing if needed, but it may also increase the total interest paid over the life of the loan. If you make extra repayments, the loan term matters less, as these additional repayments reduce both the interest you pay and the length of the loan.

We can help you compare lenders and structure your loan to match your needs. Click here to speak with a Complete Home Loans broker about your options.