Refinancing involves replacing an existing lending facility with a new one that effectively clears the debt of the original one. Sometimes the refinancing may occur with the current lender, or it may be with an alternative lending provider. Changing lending providers may be due to changed circumstances of the borrower, a more competitive offering elsewhere, or dissatisfaction with the current lender.

Refinancing should be approached with better outcomes in mind, to make the whole process worthwhile. This generally involves achieving material cost savings, which will improve the financial position of the borrower in both the short and longer terms.

Often, refinancing occurs when additional funds are needed, and therefore a top up to the original loan amount is required. Again, this may be done through the current lender, or it may be considered an ideal time to `look around’ at what options are available in the marketplace.

Plaxo Financial Advisers have helped many clients achieve satisfactory refinancing and/or top up outcomes, while making the whole process quick and easy.