Refinancing to a new Home Loan

Common reasons to refinance:

• To change the term of the loan - For example from a 30 year to a 20 year loan
• Renovate by using the equity in your home (taking "cash out" of your home).
• Invest in property or other by using the equity in your home ("cash out").
• Pay off other debt all at once - to refinance credit card, auto debt, or other debt.
• Change lenders if you have become dissatisfied with your current home loan provider.
• Lower your interest rate
• Switch from variable rate to fixed, or visa versa

Selecting New Loan

Discuss your requirements with a Lending Manager and work with them to get as close as possible to the right home loan for you. Each Lending Manager is thoroughly experienced and ready to guide you through the options so that you will be exposed to as many choices as possible. Only with individual consultation will you get an accurate picture of your refinance options- every situation is different.

Legal

Select a solicitor. There are several alternatives for choosing a solicitor or conveyance firm. There are also many companies online who provide these services. E Conveyancing.com.au is one service and may provide a starting point. We are not affiliated in any way with this company and suggest you consult their terms of use.

New Home Loan

Once you have decided on the right new home loan, your consultant will then work with you to obtain the necessary documentation required by your new lender. Your new home loan will be subject to the necessary credit, employment, home valuation and other criteria as set by your new lender.

Your Lending Manager will also arrange the following:

• Discharge from your current lender
• Valuation of the property- if required by your home loan lender.
• Review your new payment details; amount, frequency, and any new benefits.

Settlement

To discharge your old mortgage and replace it with your new one and to sign your new mortgage documents, pay off any debts or receive cash out that you have arranged