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Mortgage refinance checklist


Ready to refinance? Our handy checklist will ensure you’re ticking all the boxes.

You’ve done your research and you’re getting ready to say goodbye to your current home loan and hello to a new one, whether it’s for a better interest rate or a loan structure that better suits your current needs. We’ve done the groundwork for you and developed a refinance checklist to guide you through the whole process to help make the refinancing journey is as easy as possible.

1. Know your current position

  • Take a close look at your existing mortgage.
    What’s your current rate? How long and much do you have left on it? 
  • Clean up your finances. Look at your credit history, and pay down outstanding debts if possible e.g. credit cards.

2. Research time

  • Speak to your existing bank to see if there are any exit or discharge fees to get out of your current loan, and whether they can offer you a better deal. 
  • Compare different rates. Look at things such as the period of the loan, and whether it’s a variable or fixed rate, or a welcome rate that will rise after a honeymoon period.
  • The best way to do this is to look at the comparison rate* – which takes into account not just the advertised interest rate, but also upfront and ongoing fees and charges – so you don’t get blindsided by hidden costs.

3. Application time

  • Pull your paperwork together. You’ll need to supply documents such as personal ID (passport or driver’s licence), income verification (e.g. two recent payslips), and financial and credit documents (e.g. credit card statements, evidence of your current mortgage).
  • Lodge your application. 

    Pro tip: If you’re prepared with all the required documents, our online application takes just four minutes to complete!

4. Property valuation

  • Once the bank has conditionally approved your application, they’ll send a representative to value your property.
  • Tidy up your property ahead of valuation (e.g. complete any half-done renovations, groom the garden). 

5. Approval and settlement

  • After valuation, your new lender will give you formal approval and issue your new mortgage contract. 
  • Settlement day. Your old mortgage is paid out by your new mortgage and then closed down. 
  • Your new mortgage begins and it’s time celebrate!

And that’s it! At UBank, we have some of the most competitive rates in the market, so be sure to check out how much you could save by refinancing with us.

* Learn more about comparison rates and how they work.

The information contained in this article is of a general nature only. It doesn’t take account of any person’s objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate for your circumstances and seek independent legal, financial, and taxation advice.