What is Home Loan refinancing?

It is when you change your home loan to another bank or with your current bank to better suit your current situation.   

What are the steps for refinancing your home loan ?

 You will typically experience the below from Duol loans

 

  1. Speak to us, so we can better understand your situation and set expectations with you
  2. Signing the privacy and credit guide that we will send you via Docusign, after our initial conversation
  3. Send through the documents we need to confirm your borrowing capacity ( In our first conversation, I will provide a borrowing estimate) 
  4. We will obtain your credit report at no cost to you and compare the 40+ banks that may best suit your situation
  5. We will send you 3 options that  best suit your situation,  (or explain why there’s only 1 or two options for your situation) which will include repayment information, refinancing cost, expected bank response time, interest savings applicable  to refinancing  
  6. Review the information we have sent and send us a email to confirm what option you prefer (i typically provide a recommendation) 
  7. We will send through application forms for the chosen bank and your current bank’s discharge document for you to sign 
  8. We always aim to get approval as soon as the bank pick up the file but there may be documents or actions we will advise you need or to do before loan is formally approve- if applicable 
  9. Once formally approve, the bank will send through the loan contract for you to review, accept and sign 
  10. While above is happening, i’ll be working in the background to get your bank ready for the refinance  and send you the refinance settlement date confirmation

What is the cost of refinancing your home loan?

 Costs can include;

  • discharge fees from your current bank, typically around $350 
  • government fees to remove your bank from the government mortgage register and adding the new bank 
  • banks fees such as application or valuation fees from the new bank 
  • Settlement cost from third party providers such as PEXA (most bank use this online platform to settle your refinance or purchases electronically) 
  • Title search fees 

 

Fortunately, there are banks that are offering cash backs to cover most of the above cost after you have settled the refinance

What documents are required for refinancing your home loan?

Typically below;

  • Most recent 6 months home loan statement (with open banking, some banks do not need this) 
  • 2 most recent payslips, Driver License and Passport (other IDs can be provided if you don’t have these)  
  • Most recent 3 months Credit card, personal or car loan statements (if we are paying this off – Consolidating)   
  • We will need you to sign our credit guide and privacy form via Docusign 

 

After our initial discussion, I will send out an email advising the documents required for your situation. Once I’ve received the required documents and you have signed my privacy/credit guide; I’ll obtain your credit report (no cost to you) and I can provide 3 options that will be best suited to your situation and the timeline to settlement.

Home Loan Refinancing

Frequency Asked Questions

  • Yes. There is an option where you can refinance your home loan without income or home loan documents or confirming your borrowing capacity at competitive rates. We just need to check your credit report to see you have a good repayment history on your loan(s) or credit card(s) and we can advise if your situation can qualify. You an almost classify this as a no doc homeloans and what the industry could be moving to.