The Process of refinancing a loan is very similar to the process of getting a new loan. You typically start with exploring and comparing interest rates of different lenders and see which has the best offer. After that you compare the costs of your current mortgage with your existing lender and its terms and conditions.
Since the time of your first approved loan, if there has been an improved credit score then you may have a good chance of qualifying for more favourable terms.
In the process, take expert advice from our brokers on what options are available to you. A broker will also be able to step you through the process of applying to refinance, along with any documentation you’ll require. Once approved, your new lender will send a Letter of Offer and arrange settlement with your current mortgage provider. On settlement day you cease paying your mortgage with your old provider and start repayments with your new lender.