If you are planning to take a secured 2nd mortgage loan against your home, then take care not to over commit yourself. Also, if you are refinancing because you have overcommitted yourself in the past, then you know that your also going to be tempted to max out your new facility with things you can do without.

So make sure it’s a term facility not a line of credit facility, with a fixed rate and a fixed repayment amount, which you know that you can meet. Additionally please choose only a zero redraw facility, because you just know that you need that much help to discipline yourself with your house at risk.