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Guide to switching home loans

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Find out how to refinance your home loan the quick and hassle-free way. Our guide contains our loan process, documents, pre-approval, tips and more.

Why refinance with loans.com.au?

At loans.com.au we are proud to offer one of the most competitive interest rates in Australia for customers who want to refinance.

You could save thousands of dollars on your home loan and pay it off sooner by switching to loans.com.au

Benefits include:

  • Award-winning home loans packed with features
  • A game-changing online model which means we can pass on ultralow interest rates to our customers
  • Simple online application process with our innovative onTrack system
  • Borrow safe in the knowledge that we are secure, backed by our parent company Firstmac, which has been in business for over 38 years

Our process, FastTrax Refi, pays out your current lender quickly. You don't have to contact them, we will do it for you.

  1. The simple process at Loans. com.au
  2. Apply online
  3. Talk to a specialist lender in our Australian-based call centre
  4. Upload your documents and track the progress of your loan using onTrack website plus mobile app
  5. FastTrax refi to payout your lender quickly with zero hassle for you
  6. Access your account via our Online Services

What is FastTrax Refi?

FastTrax Refi is a super-fast process where loans.com.au pays off your old loan before sending any paperwork to discharge the loan. In that way you start saving on interest and repayments as soon as possible.

From the time you return the completed mortgage documents and Loan Agreement to us, it only takes days to switch to loans.com.au.

FastTrax Refi is online from start to finish which puts you in control of how fast your application progresses.

Ready to start saving money? View our suite of home loans to find the right one for you.


onTrack Advantage

onTrack is our innovative online portal which allows you to complete your home loan application entirely on your handheld device or computer from initial contact through to settlement and beyond.

Using onTrack means that you are able to complete your loan application in your own time. You don't have to wait for a bank branch to open to complete your home loan!

onTrack allows you to download all required forms and documents as well as allowing you to book an appointment with one of our loan specialists at a time that suits you. You can securely submit your forms and supporting documents and provide all mortgage refinance information online.

You can also:

  • track the status of your loan, including what you have submitted, what we are doing, and what you need to do next
  • communicate with your loan support officer through a real-time messaging system

onTrack is an end-to-end system, making your switch to loans.com.au hassle free and fast.

onTrack gives you more control to fast track your refinance and more knowledge than traditional lending processes.


Key reasons to refinance

Get a better interest rate

Saving money with a lower interest rate is the top reason why people refinance. Even a small reduction in interest rate can save you tens of thousands of dollars over the life of your loan. Switching for a better rate is just a smart move.

Reduce your monthly repayment

Less money going to your home loans each month means more money for the things that matter to you.

Innovative and fast process

You will be dealing with a tech-savvy, award-winning specialist home loan lender. loans.com.au is changing the face of lending in Australia, challenging the major banks in all areas including price, innovation and efficiency.

How much will you save by switching?

Even a small reduction in interest rate can add up to tens of thousands of dollars in savings. Using our handy loan comparison calculator, you can easily work out how much you will save over the life of your loan by switching to loans.com.au. The results may surprise you!

How to refinance with loans.com.au

We have created FastTrax Refi to make refinancing a mortgage quicker and more efficient. Using this process, we pay out your old loan so you can start saving money in a fraction of the time it takes to refinance with other lenders. How to refinance a mortgage:


The process works like this:

    1. Start your application

Visit loans.com.au and fill out an online application. It only takes a few minutes to complete. You will then be prompted to book a phone appointment with one of our loan specialists.

    1. Speak to a specialist

loans.com.au loan specialists are home loans specialists with years of experience. We are here to ensure you get the home loan features best suited to your requirements

    1. Login to onTrack

Once you have applied, you will need to supply some supporting documents such as pay slips, bank statements and details of your existing loan. You can do this using onTrack, our easy-to-use online portal. You can use onTrack on any computer or mobile device including your mobile phone.

    1. Property valuation

We will arrange for a property valuation to

  • Loan Approval

We will conduct a credit assessment and if it is satisfactory we will approve your loan.

  • Loan documentation

At this Stage you will receive through onTrack:

  • Final Approval of your loan
  • Your Mortgage documents and Loan Agreement pack
  • You sign the loan documents and return them
  • You authorise us to deal directly with your existing lender

  • Settlement

In most cases, we will send funds directly to your current lender and do the paperwork with them later. Because the loan balance is now zero, from that date you no longer pay them interest, even if they drag their heels on discharging the loan. We pay the loan out by estimating payout costs based on current balance, rate and repayments.

  • Access your account online

Once the payment is made, you will receive your login credentials for Online Services so you can manage your loan online.

Documents you will need

When you refinance you will need to supply some documents to prove that you can afford to repay the loan

Documents typically required

  • PAYG taxpayers' last two payslips
  • Self-employed - last two year's tax returns with an ATO Notice of Assessment
  • Three months of bank statements
  • Evidence of any rental income
  • Six months of statements for your current home loan
  • Three months of statements for any loans you are consolidating ie. credit card debt
  • A copy of your current Rates Notice and evidence of payment

Frequently asked questions

How long does refinancing take?

Using our FastTrax refinancing process it typically takes about three weeks from submitting an application until settlement. This compares to a traditional refinance with the banks which can take upwards of 6-8 weeks.

What do I need to refinance my home loan?

We need your application form and supporting documents. On our end we'll arrange a property valuation, credit assessment and all the paperwork with your current lender.

How much can I save?

To find out how much you can save, just use our handy loan comparison calculator

What is my new repayment?

To work out what your new, low repayment will be, just use our simple mortgage repayment calculator.

Do I have to speak with my current lender?

No, just authorise us to deal directly with your existing lender on your behalf and we will take care of it.

How does it work when you're an online lender?

Being entirely online does not make us less safe than your local bank or broker. In fact, we are proud of our very own secure and innovative application portal onTrack.

Can I refinance my home loan to buy an investment property?

It depends on the property and amount owed. The equity in your property may allow you to borrow more money to buy an investment property. Contact our friendly loan specialist team and we'll help you find out.

Refinance terms explained



Discharge Authority Form Instructs your former lender that you would like to close your loan with them and where to send any surplus funds
Equity The difference between the value of the home and the mortgage loan is called equity. Over time, as the value of the home increases and the amount of the loan decreases, the equity of the home generally increases.
FastTrax Refi Where we pay off your old loan before sending any paperwork to discharge the loan. In that way you start saving on interest and repayments as soon as possible. From the time you return the completed mortgage documents and Loan Agreement to us, it only takes days to switch to loans.com.au.
Final approval This is the formal approval of your loan. Once you have final approval we have committed to lend you the money. At this stage, you will be issued with mortgage documents which you have to sign and return to make the contract binding.
onTrack Our online application portal. You can manage your loan right through from application to settlement using onTrack. It works on all computers and mobile devices.
Loan-to-Value-Ratio (LVR) Indicates how much of your own money is invested in your property compared to how much you have borrowed. Know how is loan to value ratio ( lvr) calculated.
Preliminary approval Also known as "pre-approval", this is an offer to lend you a certain amount pending full approval. It does not guarantee that the loan will be approved.
Refinance When you change home loan provider to a different lender
Settlement The date and time where we pay off your existing loan, marking the beginning of your loan with us. Here's how to prepare for settlement day.
Valuation An assessment of the market value of your property. Here are the things that determine the value of the property.

About the article

As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.

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