Refinancing
Why this page existsWhoever moves your loan is usually paid for moving it. The easiest way to make a move look good is to show you a smaller monthly figure, which a longer tenure produces on its own.
MethodBoth sides are amortising monthly rest calculations on the same outstanding balance. Fees are charged against the new loan. The lifetime figure is what leaves your account in total, which is the only comparison that settles it.
A smaller monthly payment is not the same as a saving.
Stretch a loan over more months and the monthly figure falls even if the rate does not improve at all. Sometimes refinancing genuinely saves money. Sometimes it just moves the cost somewhere you are not looking. This works out which one you are being offered.
The question to ask
Not "what is the new monthly payment". Ask what the total is, over the whole tenure, with every fee counted. If a refinance is genuinely better it will still look better on that number. If someone changes the subject back to the monthly figure, you have your answer.