What you will need to refinance your home loan

Whether you're upgrading to a roomier home or have found a cheap home loan interest rate from another provider, refinancing your home loan could be on your horizon. 
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A home loan is likely to be the biggest purchase you will ever make, so it's important to understand what paperwork is required to get approved for your loan.

If you're already a homeowner, it's likely you’ve gone through this process before - but it always pays to double check that you've completed all the necessary steps before signing on the dotted line. 

What are your income details?

When you first apply for a home loan, you'll need to provide your lender with the details of your income. Likewise, when you're refinancing your mortgage, you need to prove that you can make regular repayments.

This can be in the form of:

  • Recent payslips that document your income.

  • Your most recent Group Certificate

  • your latest Tax Assessment Notice

  • A letter from your employer that confirms your salary. 

If you're self-employed, the paperwork will be slightly different. When refinancing your lender will likely request two years of business and personal tax returns and Australian Taxation Office assessments as proof of your income.

What are your existing loans and expenses?

When refinancing, you'll need to supply your lender with documents outlining the last six months of existing home and personal loans.

If you're sticking with the same lender (such as switching from a fixed to variable loan) they'll have your existing loan information, but you'll still need to provide details of personal loans. 

You'll also need to provide your most recent credit card statement when refinancing your home loan. 

Where possible, ensure you don’t fall behind on repayments of any kind so your refinance can be approved as soon as possible.

Why are you refinancing?

If you're refinancing for a better deal on your home loan for your existing property, you'll already have an understanding of the ins and outs of your home.

However, if you need to refinance to upgrade to a better house - or get a cosier home - you'll need to obtain a building report so you're confident a potential new property isn't hiding any nasty secrets! In addition, a pest inspection could save you from discovering a critter infestation down the track.

Once you're satisfied with the results of your building and pest reports, you'll be more confident to proceed with a purchase. Generally, if the reports show no sign of concern, you can make a conditional offer on a property. Before you do so, it's wise to have loan pre-approval first.

Ready to refinance.

So gather your credit history, existing loan details and documents regarding your regular income to present to your lender. 

With an accepted form of identification - such as a passport or driver's licence - you'll be on track to getting approval for your refinance and achieve a great home loan deal.

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