What are the main reasons to refinance a home loan?

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It’s a good idea at any time to search for a home loan that best suits your needs. Many people refinance to make smaller monthly repayments or reduce the amount of interest they pay over the life of their loan. Some refinance to consolidate their other debts that carry a higher interest rate, such as car and personal loans or credit cards. Others refinance to use the equity in their home to buy things (a car or overseas holiday) or improve the value of their property (renovations).