Refinancing is not a daunting prospect. That is, refinancing is not a daunting prospect when you have the right mortgage broker on your team!

So, what are the steps to a successful refinance?

    1. Get a Broker! First things first, you need to team up with a skilled mortgage broker that you trust. Ask your friends or family for a referral, check out their reviews on social media and get in touch!


    1. Plan Your Strategy! An experienced broker knows that the lenders are tools, similar to hammers and screwdrivers. You want to work out what the job is before you choose the tool. What do I mean? First work out your strategy and what you are trying to achieve, and then pick the lender to help facilitate your goals! Do not worry, an experienced broker will take the time to understand what your bigger ambitions are and put together a refinance strategy to help you achieve them. Once your broker has created your strategy, it is time to execute on the plan.


    1. Smash the Paperwork! We can group the documents you need into two main groups, the application documents that the lender will provide and the support documents the lender will want you to provide. There is no generic set of documents here, what you will require will be unique to you. Do not worry, an experienced broker will know exactly what you need and help you get the paperwork sorted without fuss. Once we have the paperwork prepared, your broker will submit your application to the lender on your behalf and work to get your refinance all the way to formal approval.


    1. Time to Settle! Once formal approval is achieved, the new lender will issue mortgage documents, which must be signed and returned. Do not worry, an experienced broker will hold your hand throughout this entire process. Once mortgage documents are received by the new lender, they will be in touch with your old lender to arrange a time to settle. At settlement, the new lender will pay out the old loan and provide you with your new (read: better!) home loan.


And voila, your refinance is complete!

Bonus Tip:
A refinance will typically take 4 to 6 weeks to complete.

When you have the right team on your side, utilising finance to help you achieve your financial and lifestyle goals is a practical strategy. As mentioned here, there are plenty of good reasons why you should consider refinancing today!

What is stopping you?

Best of luck!

Sam Panetta

PS – if you want any tips on refinancing, shoot me through an email!

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed