Refinance Home Loan Tips

Research your current home loan thoroughly (including rates, fees and home loan features) so you know what you are comparing your new home loan to.

Research home loan features and make a decision on which features you actually need, to ensure you are not paying a higher interest rate for features you don't need or wont use.

Speak with your mortgage broker/lender about debt consolidationif you have a number of personal loans or credit card debt you would like to eliminate.

Do your sums first to make sure that there is a saving after all the exit fees of your current home loan and all the start-up fees of your new home loan.

If switching home loan lenders, ask your new lender to show you how long it will take for the savings on the new home loan to outweigh the costs of exiting the old home loan.

As k you current home loan lender what are the exit fees, if any, to pay out your home loan and go elsewhere and what happens if you switch home loans but still remain with the same lender?

Don't send in home loan applications to multiple lenders in hope that one will say yes. This can cause havoc by reducing your credit worthiness if home loan lenders see how many loans you have applied for in recent history.

Take the time to complete your home loan application in full and supply all requested documentation. If there are sections of the home loan application that do not apply to you, then cross them out so the lender knows that they are not required to chase up that information. Also feel free to contact your lender/mortgage broker to ask them a question if you don't know how to complete a section of the home loan application form. It is better than sending in the form without answering that question and avoids unnecessary delays in processing the home loan application.

Always keep a photocopy of the home loan application and supporting documentation in case it gets lost in the mail.

During the valuation process, offer as much help to the valuer as possible by providing them with copies of floor plans if you have them and giving them full access to the property (inside and outside). This will avoid delays with the valuation process.