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How to refinance a home loan: a step-by-step guide

Refinancing your home can seem like a complex process – especially if securing your first home loan was particularly stressful or tricky. In reality, it's often much more straightforward than that.

This is because once you've chosen which lender and home loan to refinance with, the bank will guide you through the process.

How to refinance a home loan step by step

Whether you're refinancing because you need a different product, want a better deal or you'd like to switch to another bank, follow these simple steps to successfully refinance your mortgage:

  1. Contact us to discuss how refinancing works
    We've made it really easy for you to refinance your home loan over to HSBC. Get in touch with one of our home loan managers who will guide you through the entire process. After discussing your unique needs, your home loan managers will help you apply.
  2. Get your document ducks in a row
    Before you submit your application, check that you have included any necessary supporting documentation. At a minimum, you'll generally need to provide documents that prove your income and validate your financial position. Your home loan manager will let you know exactly which documents you need to provide.
  3. Apply to refinance your home loan

    Submit your completed application to us via email, your broker, over the phone or in your local branch.

  4. Keep an eye out for mail
    Once we have approved your application, we will send you an official Letter of Offer by post. You need to sign and return this to us, with all your documentation, as quickly as possible so we can arrange a speedy settlement.
  5. Arrange settlement
    Once we've received all your supporting documentation and signed contract, our agents will organise settlement with your solicitors or conveyancers and confirm everything with you in writing. This step can take several days.
  6. Draw down your new home loan
    Once these steps are all wrapped up, it's time to celebrate and pay off your mortgage with your new home loan. Welcome to HSBC.

How long does the whole process take?

It can be as short as a few days, or it could take 6 weeks or more. Fortunately, there are steps you can take to ensure your refinancing is as efficient as possible.

See what you can do to speed up your refinancing process.

Explore our home loan options.

Ready to refinance?

Speak to one of our home loan managers