While there's no hard and fast answer to this question that will suit everybody, as a general rule - if you're looking to refinance to save money over the life of your loan, you should wait until the benefits outweigh the costs.

For example, if you're currently on a fixed interest rate, and refinancing will incur break costs that you're just not willing to pay, it may be worthwhile waiting until you're able to switch.

Refinancing can impact your credit score, but don't panic! There are a couple of ways refinancing can affect your credit score, but there are a few things you can do to minimise the impact. 

Firstly, when you start the refinancing process lenders will often make a 'hard enquiry' into the state of your credit, meaning they request access to your credit report. If you have too many hard enquiries in a certain period of time your score could dip as lenders may think you are struggling to get credit. To avoid this, make sure that you meet the lender's conditions before proceeding with a hard enquiry. 

Another reason your credit score could dip when refinancing is that when you refinance you are essentially resetting your loan, and its history. If you continue to pay off your new loan regularly and on time, this dip should correct itself. 

While refinancing shouldn't normally have a big impact on your credit score, if you do have concerns you may be able to chat to your lender or a financial advisor to see if refinancing is right for you.

Technically there are no limits to how often you can refinance your loan, and it's usually a good idea to keep an eye on your rate and see if you can get a better deal. 

However, some lenders or loans may have 'cooldown periods', meaning you have to wait for a certain period before refinancing. Another thing to keep in mind is that there may be temporary impacts to your credit score, and fees and costs associated with refinancing.

A good rule of thumb to keep in mind is that as long as the costs of refinancing aren't outweighing the benefits, you can refinance as often as you need. 

When you refinance is totally up to you, as it can depend on your lender, the type of loan you have, and your own personal finances. 

In terms of your lender, some lenders allow you to refinance as soon as you take out a loan, while others may only allow refinancing after six months. 

In order to keep costs down, it may be a good idea to wait until you've built some equity in your home before refinancing in order to avoid Lender's Mortgage Insurance (LMI). 

Refinancing can have fees and risks, so it may be worth taking your personal circumstances into account before proceeding, such as any other credit obligations you may have or your job security.