To Reduce Costs - the main reason why people refinance their home loan is to get a cheaper interest rate than what they are currently paying. If you keep your current repayment amount the same, with a cheaper interest rate, you will be paying off more of the principal resulting in a shorter loan term and saving on interest.

Restructure to Suit Your Changing lifestyle/requirements - life changes and so may your home loan requirements. You may now need a line of credit or a redraw facility to assist with cash flow. You may want to refinance to have access to other loan features, rather than just refinancing for financial reasons.

Access Cash or Equity in Your Home - when refinancing you have the option to refinance for the same amount or if you have equity in your home, you may refinance for a higher amount and use the money for investment purposes, children's education costs, renovations etc.

Refinancing to achieve debt consolidation is very common. If you have other loans, such as credit cards and personal loans and would like to roll them into one, your home loan, you can use the equity in your house to refinance for the full loan amount (home loan amount plus total of personal loans that you would like to pay out) resulting in one repayment every month. Save time and money in managing all the other loans.

You plan to move in the near future which means that you will need to a new mortgage and won't have enough time to reap the rewards of refinancing as there is a payback period for refinancing and you may not see a benefit for some months (or even years) after refinancing.

You are happy with your current home loan and lender (must already be a Mortgage House customer)

The exit fees and break costs outweigh any benefit of a reduced rate. This is especially the case when you have had your home loan for less than 5 years or are at the beginning of a fixed rate period.