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This article will suggest ways you could improve your chances of getting refinanced quickly.
Refinancing your home loan is basically taking out a new loan in order to pay off your existing loan. Refinancing can have many benefits, such as getting a better deal on your home loan, saving you time and money when paying off your mortgage.
As we said above, refinancing your home loan can save you money. So, the quicker you refinance, then the more money you may be able to save. Here are some examples of why you may want to refinance quickly.
The refinancing process can vary between lenders. Some lenders may approve your refinance application in about a week, whereas others might take a month or more.
It can also depend on your situation as a borrower. If you require a more complex loan, or are a self-employed borrower for example, things may take a little longer.
So, it’s always good to allow extra time for refinancing. That way you are prepared, if necessary, to continue with your existing loan and repayment schedule.
Of course, even if you think you’ve done everything you can, there are still things which can hold up your application. Things such as:
It’s fairly simple really. Here’s a few things you can do which may assist this process:
With good planning, refinancing can save you money. But there are fees you should look out for, as these can affect the overall viability of whether or not refinancing makes sense for you.
As mentioned earlier, the overarching benefit of refinancing is saving money, but here the things you may want to consider:
If done carefully, with professional advice if necessary, you should be able to avoid many of the downsides, but these are some things you could watch out for:
For more information on the whole process, and things to watch out for, see the government’s Moneysmart website.
As with any loan, you will be required to provide personal details including:
At iSelect we’ve partnered with Lendi to make it easier to find a great deal on your home loan*. Click here to get started comparing from a range of lenders online, or give Lendi a call on 1300 186 260.
Last updated: 07/07/2022