After you’ve gone through the process of considering whether or not refinancing your home is the right option for you, actually going about it is the easy part. One of our EasyPlan Home Loan Specialists will find the perfect loan to suit your needs, saving you the hassle of trying to sort through hundreds of loan options by yourself.
Depending on why you’re refinancing (for example, if you’re switching to a loan with a lower interest rate) there may be costs associated with paying out your original home loan early. Our EasyPlan Home Loan Specialists will weigh up these potential costs against your estimated savings so you know straight away whether you will benefit from refinancing, or whether you should stay with your current home loan.
Once you have made the decision to refinance and have the perfect loan lined up, refinancing is very similar to applying for your original loan.
To support your application, you’ll need:
- Any recent payslips, to show you are still able to afford repayments
- Statements regarding any existing loans, including your home loan, and evidence of repayments
- Your latest council rates notice
- A copy of the building insurance policy you have for your home
When your new loan is approved, your new lender will pay out your existing loan, receive the title deeds to your property and lodge a Discharge of Mortgage document for your state or territory. Then you can start making repayments to your new lender while enjoying all the benefits of refinancing.