What to expect when refinancing


We recognise that the loan you took out when you first bought your property may not quite fit as well now as it did then, which is why we’ve put together a guide to what’s involved in refinancing your loan to suit your needs.

Contact us 

Speak to one of our staff or complete our enquiry form to discuss your lending options with us.

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Monday to Friday 8am-7pm (CST) 
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What you’ll need to do

You’ll need to consider the options and features you want in your home loan and establish your current financial position. You’ll also need to have a good understanding of your goals and financial objectives, to allow us to guide you through the refinancing process.

Before you apply for a loan you’ll need to do some preparation. You’ll need to:

  • know your gross income
  • determine what you can afford – view our borrowing power calculator consider your rate options – fixed or variable
  • determine if you need to update your home and contents insurance
  • know your current assets, including estimated values
  • determine your current liabilities, including credit limits
  • establish the approximate value of any property offered as security
  • establish when you need access to funds
  • consider if you want to borrow your loan fees in the loan amount
  • decide if you want a credit card linked to your loan.
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What you’ll need to do

When you apply for a loan you’ll need to:

  • provide evidence of income i.e. pay slips
  • complete personal identification requirements
  • if the refinance is for an investment property, you’ll need to provide evidence of rental income
  • if you’re refinancing from another institution, you’ll need to advise them of the loan discharge – download discharge intention form
  • provide a certificate of currency for building insurance
  • determine if you’d like to take out mortgage protection insurance
  • sign an application form

What we’ll do

During the application process we’ll:

  • complete the application form based on the information you provide
  • advise you of supporting documentation requirements relating to your loan scenario
  • review your credit history
  • advise of fees and charges involved – see our fees and charges brochure for more information
  • organise a valuation if required
  • calculate your Loan to Valuation Ratio (LVR) to determine if Lenders Mortgage Insurance (LMI) is required

What you’ll need to do

There isn’t anything you’ll specifically need to do during the approval process, as we take care of this for you. If we have any additional questions relating to your loan, we’ll contact you.

What we’ll do

During the approval process we’ll:

  • verify all documentation you provided
  • assess your ability to repay the loan
  • perform a valuation if required
  • obtain Lenders Mortgage Insurance (LMI) if required
  • provide you with an assessment decision

If your loan meets the required criteria, we’ll notify you of formal approval.

To complete the loan application process we’ll need to prepare various documents that you’ll need to sign. Once this is complete, we’ll arrange the loan settlement for you to receive the funds.

What you’ll need to do

You’ll need to:

  • consider obtaining legal advice before you sign any documents
  • sign all mortgage documentation and return to us
  • provide evidence of current building insurance prior to settlement

What we’ll do

In order to complete the final steps we’ll:

  • prepare all mortgage documentation, including a loan contract
  • engage solicitors to prepare the contract if required.

Once we’ve received the final signed documents from you we’ll:

  • coordinate settlement date
  • prepare discharge with other institution if required
  • draw down your loan
  • send you a settlement letter, providing the loan details and repayments
  • contact you to make sure we’ve covered all your financial needs

On the day of settlement the loan you are refinancing from will be paid down and we’ll draw down your new loan. Your loan repayments will be due approximately one month after the settlement date.