Step 3: Let the bank take it from there
You’ve decided to refinance, found a better rate and you’re ready to take the leap. Firstly, you’ll need to sign some documents and have your property valued. Once the legal papers are signed, sealed and delivered, your bank will arrange a settlement with your current loan provider, acquire the loan off them, and kick off the repayment process just like normal (with a little less stress). Throughout all of this, your new lender will be able to guide you through the process and answer questions that may come up.
Pro tip: This is where the champagne comes in.
And that’s it! Like we said, people refinance for any number of reasons – they may have found a better rate, they might want to do that dream renovation, or they may just want to go on holiday. It’s a perfectly common way to consolidate your expenses into one, giving you the breathing space to get more out of your everyday, with the people that matter most.
* UBank Know Your Numbers Index data conducted and compiled by Galaxy Research of 1,015 Australians in February 2018.