Checklist for refinancing a mortgage


If you found a better interest rate or a loan structure more suited to your needs, you might be ready to say goodbye to your current home loan.

To make it easier for you, we’ve done the groundwork and developed a refinance checklist to guide you through the process.

1. Take stock of your current position

  • Take a close look at your existing mortgage. What interest rate are you currently paying? How many years do you have left of your loan and how much do you still have to pay?
  • Clean up your finances. Look up your credit history and pay down any outstanding debts like credit cards where you can.

2. The more research, the better

  • Speak to your current bank
  • Ask if there are any exit or discharge fees if you leave your loan and whether they can offer you a better deal.
  • Compare different rates
    Look at things like the period of the loan, whether the interest rate is variable or fixed, or welcome rates that will jump after a honeymoon period.
  • Look at the comparison rate
    This rate takes into account not just the advertised interest rate, but also certain fees and charges. You can check out our article on comparison rates  for more info.

3. Start your application

  • Depending on the loan you’re refinancing, you might be able to refinance from the comfort of your own home when you get a loan with ubank. Skip the never-ending paperwork with our simple digital application.
  • If you want to speak with someone, we can put you in touch with a friendly member of our Australian-based team.

4. Get your property valued

  • Once a bank has conditionally approved your application, they’ll need to value your property. Depending on your situation, your bank might be able to value your home without inspecting it themselves using automated valuation tools. If not, they will send someone out to your property to value it.
  • Don’t forget to tidy up your property ahead of valuation so you can maximise your property’s value. Think about completing half-done renovations or mowing the lawn.

5. Get approved and settle your new mortgage

  • Assuming you pass the new lender’s credit requirements and your valuation stacks up, your new lender will give you formal approval and issue your new mortgage contract.
  • Your old mortgage is paid out by your new mortgage and then closed upon settlement.
  • Your new mortgage will begin.

Once you know what to expect, refinancing is a simple process. If you’re interested in seeing how much you could save by getting a home loan through ubank, check out our refinancing calculator.