Why this checklist matters
Refinance decisions move quickly when rates shift. A short, repeatable checklist stops you from missing documents or costs that delay approval. This guide is general information—not personal financial advice.
Before you apply
- Document reason for refinance to track goal achievement
- Speak to a licensed broker if policy terms are unclear
- Confirm current loan balance and interest rate on your statement
- Check fixed-rate end date and break-cost estimate if applicable
- List all debts including credit cards and personal loans
- Gather two recent payslips and last tax notice of assessment
During approval
- Check fixed-rate end date and break-cost estimate if applicable
- List all debts including credit cards and personal loans
- Gather two recent payslips and last tax notice of assessment
- Download three months of savings account statements
- Verify credit file has no errors via a free provider
- Estimate property value using recent comparable sales
After settlement
- Verify credit file has no errors via a free provider
- Estimate property value using recent comparable sales
- Calculate current LVR and target LVR after refinance
- Compare comparison rate not just headline variable rate
- Note annual package fee and offset account conditions
Quick tips
Interest-only periods can improve short-term cashflow but do not reduce principal. Planning for the step-up when IO ends avoids payment shock and keeps your strategy aligned with long-term wealth goals.
Professional advice from a licensed broker, accountant, or financial adviser can clarify trade-offs that articles cannot personalise. Use general guides to frame questions, then validate numbers for your situation.
Australian home loan markets are shaped by prudential standards, RBA cash rate moves, and lender appetite for certain postcodes and property types. General information in this guide is not personal advice; your circumstances, goals, and risk tolerance matter before any borrowing decision.
Lenders apply serviceability tests that often assume higher interest rates than the headline offer. That buffer protects the system but can limit how much you borrow even when your current repayments feel comfortable.
State and territory rules affect stamp duty, land tax, and tenancy law, which in turn influence yields and holding costs. Modelling should use figures relevant to your property location, not generic national averages.
Documentation standards in Australia typically include recent payslips, tax returns, bank statements, and evidence of liabilities. Keeping records organised speeds up applications and reduces back-and-forth with credit teams.
Common mistakes
Australian home loan markets are shaped by prudential standards, RBA cash rate moves, and lender appetite for certain postcodes and property types. General information in this guide is not personal advice; your circumstances, goals, and risk tolerance matter before any borrowing decision.
Lenders apply serviceability tests that often assume higher interest rates than the headline offer. That buffer protects the system but can limit how much you borrow even when your current repayments feel comfortable.
State and territory rules affect stamp duty, land tax, and tenancy law, which in turn influence yields and holding costs. Modelling should use figures relevant to your property location, not generic national averages.
Interest-only periods can improve short-term cashflow but do not reduce principal. Planning for the step-up when IO ends avoids payment shock and keeps your strategy aligned with long-term wealth goals.
Professional advice from a licensed broker, accountant, or financial adviser can clarify trade-offs that articles cannot personalise. Use general guides to frame questions, then validate numbers for your situation.
Australian home loan markets are shaped by prudential standards, RBA cash rate moves, and lender appetite for certain postcodes and property types. General information in this guide is not personal advice; your circumstances, goals, and risk tolerance matter before any borrowing decision.