Detail steps to Refinance:
- Find out if your current loan is the best on offer based on your circumstances. You may use our "WHAT TO LOOK AT FOR A GOOD HOME LOAN" guide.
- Find a lender that has a home loan product to suit your circumstance.
- Find the right loan product to suit your circumstance. Again you may use our "WHAT TO LOOK AT FOR A GOOD HOME LOAN" guide.
- Put an application. This will involve in filling out new application form, ID, income verification, assets and liabilities.
- Conditional approval. Usually takes as quick as 20 minutes provided it is lodge online up to about 2 working days depending on lenders turnaround.
- Valuation. Most lenders will require a valuation to be done but in the case of low LVR 60% or less sometimes lenders will do only a desktop valuation.
- Final approval. This is also known as unconditional approval.
- Docs issued is when the mortgage documents or contract is issued. This is the time where our loan consultant will sit down with you and explaining every questions you have about the mortgage fees and other questions related to the contract. You may have legal advise such as solicitor for your own piece of mind. the new lender will not move forward until this legal documents signed and returned so as your current lender will not proceed with the discharge until your new lender received the documents and forward the discharge request authority form.
- Settlement is when your mortgage is transfered to the new lender and your new mortgage lender will normally advise you in writing and will send their welcome pack within the 14 working days.
- Congratulations you are now moving forward with your new lender
Please note that our customer service doesnt stop here, we will keep you updated with the mortgage market movements and if any offer worth for you to consider. 25 or 30 years Mortgage is a long journey where you need to keep awake and alert and not to fall asleep as you might losing or missing out good offers out there.
