Refinancing refers to the process of paying out your current home loan by taking out a new loan, either with your existing lender or through a different lender. You could get a lower interest rate and reduce your monthly repayments or you could fix your rate for a certain period, and have the security of fixed monthly repayments.
When done properly under the right circumstances, loan refinancing can be very beneficial. However, there are drawbacks involved - namely the cost. The reasons for refinancing should be legitimate and the long-term savings should outweigh the short-term costs which is why Australian Mortgage Broker are the right company to assist you.