Are you looking for a new loan with a better rate and more features? Would you like to consolidate all of your debts into one easy to manage repayment? Here’s how.
Here is an outline of what to expect during the refinancing process. Contact Homeloans today and speak to one of our consultants or brokers who will be happy to guide you through the entire process.
Explore the costs of refinancingDepending on the terms and conditions of your current home loan contract, refinancing can be expensive. Make sure you ask your current lender what associated costs may be involved. These charges can include economic cost, deferred establishment fees or discharge fees.
Choose the right home loanA qualified Homeloans consultant or accredited mortgage broker will review your current loan and see how we may be able to improve your current financial position.
Apply to refinance your loanAfter deciding which loan is right for your needs, your consultant or broker will help you apply for your loan. You will need to supply us with supporting documentation in regards to the loans you are refinancing, your employment and income.
Your existing lender will also need to be made aware that you will be discharging your loan with them. This will involve obtaining payout figures and submitting a discharge request.
Approval and documentationOnce Homeloans has received all necessary documentation to process your application, we will notify you and proceed to issue a letter of offer, providing all lending criteria have been met. This needs to be signed and returned to us as quickly as possible to allow us to arrange the next step.
Arranging your settlementOnce we have received your signed letter of offer, we will organise settlement with your solicitors or conveyancers. This is a process where titles are exchanged and the bank registers a mortgage over your property.
Drawdown your loanOnce all of the above steps are complete, it's time to congratulate yourself! Welcome to Homeloans.
Talk to a Homeloans consultant today to find out more about our refinancing options.