How to refinance your home loan sorted in 3 easy steps

Experience a stress-free home loan refinance with our handy 3-step process. Visit our website to plan your next refi the uno way. Fast, easy and stress-free.

How to refinance your home loan

Refinancing is a relatively simple process that allows you to do a number of things. 

You might refinance to get a better rate, lower your monthly repayments, access the cash (equity) in your home, consolidate debt, adjust the loan term, or switch from a variable rate to a fixed rate (or vice versa).

In this guide, we break down the three steps to follow so you can go from dreamer to do-er – and potentially start saving thousands.

How to refinance a home in 3 key steps:

  • Get the documents you’ll need to verify your income, expenses and liabilities ready
  • Make a list of your assets, and their current value
  • Find the right deal, and apply

Step 1: Get the documents you’ll need to verify your income, expenses and liabilities ready

When you contact uno about refinancing your loan, we’ll ask you a few questions about your financial situation, such as your income and how much you spend each month. We’ll ask about any personal loans you have, credit card debt or store cards. (Yes, that includes that Samsung 65″ Series 7 Premium Ultra HD LED / LCD Smart TV you just purchased on Afterpay.) Any commitments such as this are considered liabilities by lenders.

What you’ll need:

  • Evidence in the form of payslips
  • Your last group certificate
  • Three credit card statements

Step 2: Make a list of your assets, and their current value

Next we’ll enquire about the value of the property you’re refinancing, your car, the superannuation balance of you and your partner (if you have one) and look at any savings you might have. We’ll ask about any investment shares and managed funds you possess, the value of any other real estate assets (if you’re lucky enough to have them, these days!) and whether you have home contents insurance.

What you’ll need:

  • Super statement
  • Savings account statements
  • Proof of shares and funds

uno’s free Home Loan Report provides a suburb snapshot and property value estimate for your home. It looks at comparable sales in your area and makes suggestions on the loans most suited to your situation. It’s all available in one, easy to read report.

Download your free home loan report

Step 3: Find the right deal, and apply

uno can then search through thousands of home loan rates offered by our 20+ lenders and help you choose the best mortgage for you. Once you’ve selected one, you’re ready for pre-approval. From the time of lodging your mortgage application, getting pre-approval for a loan can take up to 10 business days. However, at uno we have some lenders that can give us an answer within 48 hours. As an online mortgage broker, we strive to get you pre-approval as quickly as possible so you can start the refinancing process stat.

What you’ll need:

  • Photo ID such as a driver’s licence or passport
  • An arm to pinch when you marvel at how absurdly easy that was

You can also read more about how fast you can get a home loan pre-approval.

uno’s Household Financial Waste Report shows Australians are wasting an estimated $4.2 billion annually on non competitive interest rates and ineffective savings tactics. The report also looks at what savings Australian households could make if they made some changes. Per household, consumers in New South Wales stand to gain $1,300 back in lower interest payments in the first year should they switch to a better home loan, while Victorians could gain back $1,200, according to the report.

Download the Household Finacial Waste Report

When Is The Right Time to Refinance?

Savvy families and investors look at loan refinance as a powerful tool they can use to manage their finance or take advantage of a good opportunity.

Some common scenarios are:

  • A lower interest rate comes along that could save them thousands over the life of their loan.
  • They want to convert equity into cash so they can invest in something else, like a business or a rental
  • Their existing loan does not have a feature they want such as a redraw or an offset account
  • They want to lower monthly payments to manage their cashflow
  • An investment property has become their primary residence or vice versa
  • The loan holder wants to fix their rate because they believe rates may rise

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