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How Does Refinancing Work?

Refinancing your home loan can be a smart way to potentially save money on interest or reduce your monthly home loan payments. There are many lenders who offer refinancing options, making it easy to shop around and find the best deal for your needs.

 

If you're considering refinancing your home loan, here is our step-by-step guide we take you through to achieve your home loan goals.

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Step 1 - Determine Your Needs And Goals

Before starting the refinancing process, it's important to determine what you are trying to achieve in the short term as well as the long term. We help you with this by obtaining your current day needs, while we work towards achieving your future goals.

Whether you want to reduce your monthly home loan payments, access equity in your property, or change the terms of your loan, by having a clear understanding of what you want to achieve, you can better evaluate the different refinancing options and make informed decisions about your financial future.

Step 2 - Collation Of Data

Once we have determined your needs and goals, we begin the refinancing process by collecting the necessary data using our innovative lending software. The data we have to collect may include but is not limited to:

  • ID documents

  • Employment documents

  • Home loan documents

  • Council rates notice

You can find the full list of documents we may have to collect here.

Step 3 - Verifying Your Data

Unfortunately, we operate under tighter laws and regulations than lenders and have to verify the data that you present to us. The verification process helps show the lender that the home loan product is suitable for you based on your needs and goals. It also shows the lender that the data we are going to send to them is accurate and meets the lenders risk assessment and target market determination for the home loan product.

Step 4 - We Research Your Options

Once all the data is collected and verified we then begin our analysis of the home loan products available to you based on your needs and goals. This involves speaking with lenders about your requirements, comparing interest rates, loan terms and more importantly, loan features to help you pay off your home loan in the next 10 years!

Step 5 - Present Our Recommendations

After we have completed our analysis of the home loan products that are available to you, we provide several options that we believe can help you accomplish your goals. At this point we may order a valuation on your home to calculate it's current value and​ the current equity you have in the property.

Step 6 - Submit The Application

Once you have agreed on the home loan that is right for you, based on our analysis, we then work on your application to the selected lender and submit an application on your behalf.

If a valuation has not been ordered as yet, we will order it now with the lender where the application has been submitted.

Step 7 - Conditional Approval

After the application has been submitted, the lender may come back with conditions that you have to meet in order for the home loan to become unconditional. 

This may involve you reducing or cancelling any credit you have access to.

Step 8 - Unconditional Approval

Once you have met all the conditions from the lender the loan becomes unconditional. This means that a lender has formally reviewed your loan application and accepted it. We then get ready for settlement!

Step 9 - Settlement Day!

We attend settlement day on your behalf so you can go about life as usual. On this day funds are exchanged into the appropriate accounts as your old lender is paid out - cleared - by your new lender as you begin your journey to a debt free lifestyle!

After settlement is where working closely with us is going to benefit you the most as we teach you how to pay off your home loan in the next 10 years, using our innovative tax and lending strategies, creating equity for you to commence your wealth building journey to the life you always dreamed of!

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