If you are looking for a new loan with a better rate and more features or would like to consolidate all of your debts into one easy to manage repayment, here's a guide of what to expect in the process.
Refinancing process
One of our Auspak mortgage consultants will be happy to guide you through the entire process, but here is an outline of what to expect.
 |
Explore the costs of refinancing
Depending 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 loan
A qualified Auspak mortgage consultant will review your current loan and see how we may be able to improve your current financial position. |
 |
Apply to refinance your loan
After deciding which loan is right for your needs, your Auspak mortgage consultant 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 documentation
Once you have submitted all necessary documentation to process your application, providing all lending criteria have been met your new lender will notify you of your approval and will issue a letter of offer. This needs to be signed and returned to us as quickly as possible to allow us to arrange the settlement. |
 |
Arranging your settlement
Once your new lender has received your signed letter of offer, they will organise settlement with your solicitors or conveyancers. This is a process where titles are exchanged and the lender registers a mortgage over your property. |
 |
Drawdown your loan
Once all of the above steps are complete, congratulations it's time to start enjoying the savings! |