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
- Update direct debits after settlement date
- Store settlement letter and new account numbers securely
- Review insurance coverage after loan structure changes
- Schedule a six-month post-settlement check-in
- Document reason for refinance to track goal achievement
- Speak to a licensed broker if policy terms are unclear
During approval
- Schedule a six-month post-settlement check-in
- 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
After settlement
- 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
Quick tips
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.
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.
Common mistakes
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.
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.
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.