17 Mar 2017

A Simple Checklist for Refinancing Your Home Loan

Refinancing Checklist

Your mortgage is a bit like your health or your car: It needs regular check ups. Home loan packages, lenders and the economic climate are changing all the time. You should regularly check to ensure that your home loan package is still the best option available.

That’s why refinancing is so valuable. If you’re unhappy with your mortgage, you can swap over to a better deal without losing equity in your home.

What do you need to refinance?

Your lender will help with the process, confirming exactly what you need to refinance and what the process will be.

However, if you’d like to get started early or are simply curious, this checklist will help you gather a majority (if not all) of your documents:

100 points of ID

The rules of ID are quite universal across most organisations. Here is a quick reminder.

  • Passport = 70 pts
  • Birth certificate = 70 pts
  • Driver’s License = 40 points
  • Medicare card = 25 points
  • Utility bill = 25 points
  • Debit or credit card = 25 points

Your income

As always, lenders need to understand your income situation. These are the kinds of documents you’ll typically be asked to produce for this purpose.

  • Payslips
  • Group certificates

If you’re self-employed or do some work on the side, you may be asked to show the following.

  • Tax returns
  • ATO assessments
  • Rental income statements
  • Proof of share dividends
  • Centrelink documentation

Your current mortgage

If you’re refinancing from your current loan to a new one, you will need to share the details of your current mortgage. Some typical examples are as follows.

  • Existing home loan documentation
  • Property insurance documentation
  • Credit card statements

You may be asked for the following if…

You already own a home.

  • Existing home loan documentation
  • Credit card statements
  • Contract of sale
  • Savings / investment statements
  • A statutory declaration

You’re a first home buyer.

  • First home saver account statements
  • Savings / investment statements
  • Contract of sale
  • Credit card statements
  • A statutory declaration

You’re an investor.

  • Rental statements
  • Tenancy lease
  • Council rates notice
  • Contract of sale

You’re seeking a construction loan.

  • Council approved plans
  • Fixed price tender

Mortgage House

At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.

But don’t worry, we can help with that.

If you’re thinking about refinancing, you can contact us for advice about the best options for you. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.

Click here to speak with us about refinancing your mortgage!

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