Refinancing often involves changing institutions or lenders, but not always. If you refinance your mortgage with a new lender, they will consider it a whole new loan. This means that you may need to get your property valued.
If you are considering refinancing, the first thing you should do is review what the market has to offer and compare suitable home loans. Online research is one of your best friends here, as you can find a lot of useful comparison sites. Remember though, that sometimes these sites may not cover all your options.
Once you've chosen the best possible option, submitted your application and been approved, your new lender will probably handle the rest. They will want to see proof of your income, living expenses, plus a few of your latest loan statements. They will also be able to organise to have your home valued before you secure your new mortgage.
The refinancing process is usually a little more straightforward than when you secured your first home loan. Assuming it all goes smoothly, your new and old lenders will arrange for your new loan to pay out your existing one. From here, you start making repayments against your new loan.
Speaking with one of our home loan managers each year is a great way to make sure that you have access to the best home loan rate and features to suit your current circumstances.
