Refinancing how does it work
Refinancing my loan
How does refinancing work?
The refinancing process is easy – we’ll help you every step of the way!
Step 1 Explore the costs of refinancing
Depending on the Terms and Conditions of your current home loan contract, refinancing can be expensive. Make sure you seek professional advice on the associated costs charged by your current lender. Keep in mind that while exit fees can seem expensive, you may be able to include them in your new loan and still save over the longer term.
Step 2 Choose the right home loan
Whether you have a property loan with us, or another financial institution, we can help you review your current loan and ensure it continues to suit your lifestyle. Contact us to discuss.
Our Westpac Home Loan Experts can save you:
- Time by coming to your home or office at a time that suits you
- Interest by showing you how to cut years off your loan term, build equity faster and
leverage it for investment
- Money with a 10 minute personal illustration demonstrating various repayment scenarios to show you different ways you could save money.
Step 3 Apply to refinance your loan
After discussing your needs with one of our Westpac Home Loan Experts, apply for your loan by either submitting your application through one of our experts, online, direct to a branch or by telephone. Don't forget to include any supporting documentation that is required.
Step 4 Approval and documentation
Once we have received all necessary documentation we will process your application. Provided all our lending criteria are met, we will approve your application and will notify you and proceed to issue a Letter of Offer. This needs to be signed and returned to us as quickly as possible to allow us to arrange the next step.
Once we have received your signed Letter of Offer, we will organise settlement. This is a process where titles are exchanged and the bank registers a mortgage over your property.Source: www.westpac.com.au