Documents required when refinancing

Find out what documents you might need to refinance your home loan

Refinancing your home loan can ensure you still have a competitive home loan and unlock a range of benefits to suit your needs.

It's important to do the right research, or get an expert on your side, before you decide to take the plunge.

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The first thing to consider is what your goals for refinancing are.

There are a range of different reasons borrowers might choose to refinance, including:

Securing a lower interest rate to reduce monthly repayments
Accessing equity to buy an investment property, renovate or put in a pool
Consolidating debts into the home loan to make one easy, streamlined monthly repayments
Switching lenders
Switching between a variable, fixed and split home loan type.

Whatever your situation, you’ll want to be certain that refinancing will achieve your desired outcomes.

Also ensure that the benefits outweigh the costs before recommitting to another loan or lender.

An FND Broker can check your eligibility and search for a lower rate.

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When refinancing, lenders will be looking for many of the same things you had to provide when

you applied for your existing home loan.

A lender will generally want to see:

Your personal information and ID (driver’s license, passport or birth certificate)
Proof of your income (payslips and a group certificate if you’re employed, tax returns and Business Activity Statements if you’re self-employed)
Your current home loan statements
Records of living expenses and other liabilities (such as personal loans or credit cards)
Records for other assets you might own (investment property or shares).

Want to find out more about refinancing with a bad credit score?

You might be interested in: Credit history and refinancing

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While refinancing can be a daunting task, you don't have to do it alone.

Speak to a mortgage broker to get expert help throughout the entire process, from comparing loans to settling your new home loan.

Here are a few ways brokers can help:

They can compare the different loans you'll be eligible for from a range of lenders, saving you time.
They can help with your application and let you know what paperwork and documentation will be required for the loan you prefer.
They’ll be able to help you with any questions you might have about refinancing.
They can crunch the numbers on your various options to ensure you're getting the most competitive deal available to you
They can file any paperwork necessary to transfer your mortgage to a new lender or loan.

You might be interested in: FND's handy refinancing checklist. Speak to your local FND Broker for more information.