Refinancing Your Property Loan

It often makes good financial sense to refinance your home loan if:

  • the loan has expired;
  • a different Lender is offering a better deal eg. lower interest rates and/or lower  charges; or
  • you want to borrow more funds against their property.

Before making a final decision to refinance your loan you should check whether:

  • your current Lender will impose any exit fees or penalties; and
  • the total fees of your new Lender are reasonable. These may include loan establishment fees, valuation fees and settlement fees.

Shopping Around

Once you make the decision to refinance you should contact Platinum Property Law and we can put you in touch with a Lender or Broker who can assist you.

It is important that you shop around until you are comfortable that you have obtained the best possible mortgage deal.

The Refinance Process

Once you have chosen your Lender Platinum Property Law will:

  • Liaise with your current Lender to have the loan discharged. You usually have to give at least 14 days notice;
  • Liaise with you and your new Lender to ensure that the loan documentation is prepared and signed;
  • Advise you of any searches that may be required by your Lender and arrange these;
  • Assist you to meet any requirements imposed on you by your Lender;
  • Liaise with your new Lender to ensure they are ready for Settlement and book Settlement;
  • Get a payout figure from your current Lender and advise your new Lender so that an appropriate cheque can be delivered to Settlement;
  • Arrange

    Settlement and report to you.

This process typically takes about four weeks.

Independent Legal Advice

Your new Lender may require you to get independent legal advice in relation to the loan and mortgage documents to make sure that you fully understand them. Often a Certificate is required to be given by the conveyancer providing this advice.

Platinum Property Law is happy to assist you with this.

We know the property business inside out. We are your one-stop property and lease shop.

If you have any questions on refinancing your property loan please call Property Platinum Law.

For More Information CallUs Now On : 02 9627 7400