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

• 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
• Calculate current LVR and target LVR after refinance

During approval

• 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
• Ask about discharge fee from current lender

After settlement

• Note annual package fee and offset account conditions
• Ask about discharge fee from current lender
• Budget for valuation, legal, and registration costs
• Set a rate-lock or expiry deadline on any offer
• Confirm repayment type after refinance (P&I or IO)

Quick tips

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.

Offset accounts and redraw facilities change effective interest cost without altering the nominal rate. Understanding how each works with your loan type helps you compare offers on total cost rather than rate alone.

Break costs on fixed loans can materially change the economics of switching. Always obtain a formal payout figure before committing to a new lender, and factor discharge and application fees into your comparison.

Valuations drive accessible equity at refinance. If values have fallen or your loan balance is high, LMI or partial refinance may enter the picture. A realistic valuation expectation prevents surprises late in the process.

Tax treatment of loan interest depends on purpose and structure. Investment debt generally allows interest deductions where the property is rented or genuinely available for rent, but mixed-use or redraw for private spending can complicate claims.

Common mistakes

Offset accounts and redraw facilities change effective interest cost without altering the nominal rate. Understanding how each works with your loan type helps you compare offers on total cost rather than rate alone.

Break costs on fixed loans can materially change the economics of switching. Always obtain a formal payout figure before committing to a new lender, and factor discharge and application fees into your comparison.

Valuations drive accessible equity at refinance. If values have fallen or your loan balance is high, LMI or partial refinance may enter the picture. A realistic valuation expectation prevents surprises late in the process.

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.

Offset accounts and redraw facilities change effective interest cost without altering the nominal rate. Understanding how each works with your loan type helps you compare offers on total cost rather than rate alone.

Break costs on fixed loans can materially change the economics of switching. Always obtain a formal payout figure before committing to a new lender, and factor discharge and application fees into your comparison.