There are many reasons why a refinance may be a good idea and it is not just about looking for the lowest interest rate.
Refinancing to get a better interest rate
The main reason for refinance is to get a lower interest rate.
When comparing the interest rates you should also take into account the revert interest rate, application fees, annual fees.
Refinancing to reduce your repayments
Refinancing to access equity in the property to consolidate your debts
Refinancing to change the applicable interest rate: investment to owner occupied
Moving into your investment property
Refinancing if you have enough equity in your own home to use a security for some or all of your investment loan
Take into consideration the costs that are part of a refinance and balance this against the potential interest savings
Compare the fees and charges
Fixed Rate Loan ; are there any penalties to end the loan early?
Discharge or termination fees from your current lender
Application Fee for the new lender
Annual Fees for the new lender
Switching Fee if you stay with your current lender and just make a change to your current loan
Government charges eg mortgage registration fees
Questions to ask as you consider your new lending needs
Loan Term
Principal & Interest vs Interest Only
Fixed Rate vs Variable Rate
Do you need a split loan
Do you need offset accounts
Taking the time at the beginning of the process gives you time to work through your lending requirements for the refinance.