Think of it like this...

Refixing is when you stay with your current bank. Just locking in a new interest rate. Like renewing your vows.

Restructuring? Can still be with your current bank. But you're changing how the loan works. Maybe switching from fixed to floating or a mixture of both with an offset account. Rearranging the furniture.

Refinancing is the big move. You're taking your entire mortgage to a new lender.

The obvious one? A better interest rate (Even a small drop adds up).

But there's more...

Cash-back bonuses. Some banks offer .5% to 1.5% of your loan amount. On a $500k mortgage, that's up to $7,500 in your pocket.

Maybe you want to consolidate high-interest debt. Roll those credit cards into your mortgage at a lower rate.

Or... you're dreaming of a new kitchen. One that doesn't look like it's from the 70s and want to access some equity.

Refinancing isn't just about rates. It's about making your mortgage work best for you... right now.

A few things to factor in.

Legal fees. Break fees if you're leaving a fixed-rate early. Maybe a valuation fee. Sometimes application fees.

Here's the thing though...

Many banks offer cash-back bonuses that can cover most (or all) of these costs. So you might not be as out-of-pocket as you think.

Refinancing is very similar to getting a mortgage to buy a home.

Talk to your mortgage adviser, they'll help identify your current goals and let you know what kind of rates, strategies and loan types are available for your situation.

You'll provide documents and your mortgage adviser will help you apply for your desired loan.