You may wish to refinance your mortgage if your financial circumstances change, or if you can simply find a better deal that will enable you to own your home sooner and with less cost. Your Local Finance broker can assist you in this process.

Refinancing your mortgage can be divided into six simple steps as follows.

Step 1: Explore the costs of refinancing

Before signing any loan contract you need to be aware of the interest rate, whether it’s fixed or variable, and any associated costs. If unsure, it is best to seek advice from Your Local Finance Home Loan Expert or another financial professional.

Step 2: Choose the right mortgage

We can assist you in deciding whether to refinance or to stick with your current mortgage, regardless of whether your loan is with us or not.

Your Local Finance Home Loan Expert can:

• Save you interest by advising on options to shorten the time for full repayment of your loan by many years,
• Save you time by visiting your home or place of business at a time convenient to you.
• Give you options on building equity faster in your home that you can leverage for an investment.
• Save you significant money by showing you a ten-minute demonstration of a range of repayment strategies.
  

Step 3: Apply to refinance your loan

After taking advice from Your Local Finance Home Loan Expert, we can help you fill out and submit your loan application. Your Local Finance Broker will then do all the leg work and follow ups to make sure your loan process is as comfortable and simply as possible. We will provide you with a checklist for all necessary documentation and compile it for you to avoid any processing delays. You must also inform your current lender of your decision to refinance, and ensure that they forward all required information to Your Local Finance.  We can actually save you time by managing this entire process for you.

Step 4: Approval and documentation

Once Your Local Finance has received all required documentation, we will follow up your application and notify you in writing when the lender you have chose confirms that all lending criteria have been met. You then simply need to sign the letter and return it to us promptly for the rest of the refinancing process to be completed. We can even organise for Your Local Finance Broker to come to you to complete this process.

Step 5: Arranging your settlement.

After receipt of your signed Letter of Offer, we will help you to arrange settlement with your solicitor or conveyancer, which involves exchange of titles and the bank’s registration of the mortgage over your property.

Step 6: Draw down your loan

The process is now complete, and you now have a better mortgage! Welcome to Your Local Finance.