How To Refinance Your Home Loan? 5 EASY Steps To Refinancing (Australia)

Sarah: Are you stuck on high interest rate
and perhaps want to decrease your repayments or maybe you want to get some cash out and
consolidate some debt, in this video, we’re going to go through the five easy steps to
refinancing your home loan to get you into a better financial situation. Sarah: Hi guys, it’s Sarah. Here at Lendi we’ve already helped thousands
of australians refinance their home loans. Now, before we start, if you’re interested
in getting great home loan tips in Australia, please subscribe to our channel. And don’t forget to hit the bell to be notified
when we post new videos. Sarah: Now, the first step to refinancing
your home loan is to be very clear as to the reasons why. As in, are you trying to consolidate some
debt, maybe you want to get some cash out or just reduce your monthly repayments. If you need to understand more about the basics,
you can watch our video which will tell you more about it. Sarah: The second step is to understand the
costs and if it really makes sense. There are different types of fees that you
might be charged such as government fees, legal fees and lender fees. Now, depending on the lender and your specific
scenario is whether or not these fees are applicable to you. Now, keep in mind these fees are generally
capitalized to the loan and not an out of pocket expense and the benefits will outweigh
the costs. If you want more information about these costs,
you can watch our video which goes into more detail. Sarah: The third step is to shop around and
compare a variety of lenders. For example, a reduction in half a percent
of your interest rate can save you thousands over the life of your loan. You do however need to take into consideration
the rate, the costs and the loan terms. Now, remember, comparing your options with
most brokers or Lendi will not impact your credit score so don’t hesitate to do so. If you want more information about finding
the right home loan, feel free to watch our video that will tell you more about it. Sarah: Now before we continue, I do want to
ask you a quick question. Is there any reason that you will be hesitant
to refinance your home loan or perhaps you already have refinanced and you’ve come across
some issues. Please let us know in the comment section
below. Sarah: Now, the fourth step is to apply for
your home loan. And be prepared to share information such
as your income and your employment type, your current home loan and what you want out of
a new home loan. We need to know about your assets, your liabilities,
your income and your expenses. Now, this information is validated through
documents and these documents are things like your payslips and your group certificate. Perhaps it’ll be your tax returns if you’re
self employed, your home loan statement and we need to verify your ID with a driver’s
license or a passport. Now, if you want to speed up the process,
you might want to think about using a platform like Lendi where you can upload all of your
documents and apply online in your own time. Sarah: Now, the fifth step is understanding
what happens after you apply and the pathway to settlement. It’s not uncommon for lenders to request further
documentation after you have applied. The loan may go through conditional approval,
which means that the lender is requesting more information or it can bypass that process
and move straight to unconditional or formal approval, which means the lender is happy
with the loan application and they’re about to draw up the loan contract. Sarah: Once you sign the loan contract, the
documents will be executed and settlement will be booked. And the funds will be used to pay out your
home loan. Now, most banks and brokers won’t contact
you after your loan has settled. Here at Lendi however, we’ll touch base with
you frequently just to make sure that your rate is still up to date and that your loan
is still suitable for your needs. Sarah: So you might be wondering how long
the refinance process takes, finding the right home loan can take less than one hour then
generally you hand the loans over to somebody else who will view and submit the application
for you. Then the settlement process generally takes
three to six weeks. Sarah: That’s it guys, five easy steps to
refinance your home loan. If you’re wanting to refinance your home loan
and wanting to compare your options and the lender fees, please jump online to
and look at our online platform. You can also join our private Facebook group,
Home Loan Hacks Australia where we give useful tips and answer any of the questions that
you might have on all things home loans. The link is in our description below. Sarah: If you found this video helpful, please
give us a thumbs up. And if you have any questions leave them in
the comment section below. Lastly, if you’re wanting more information
on how to refinance your home loan, you can check our video here or if you’re wanting
to know about better interest rates, you can watch our video here.

19 comments on “How To Refinance Your Home Loan? 5 EASY Steps To Refinancing (Australia)”

  1. Lendi says:

    Thanks for watching! Is there any reason that would make you hesitant to refinance? Or if you’ve already refinanced, did you come across any issues? Please let us know in the comments below 😊

  2. Kristina Clough says:

    Awesome video Lendi and Sarah!

  3. Susan Challita says:

    Great advice! Thanks for sharing

  4. Stuart Ronneberg says:

    It really is just 5 easy steps 🙂

  5. Sean Martin says:

    Very interesting and really useful information.

  6. Freya Wheatley says:

    Way easier than I ever thought

  7. Emer Hogan says:

    Awesome – so easy!

  8. Tahlia Sykes says:

    Found this really helpful and informative

  9. Jack Gamus says:

    This is really helpful, thanks for the guidance

  10. Ilia Gagarin says:

    Nice, thanks for this guide

  11. Liam Higgins says:

    Very informative!

  12. Matt Wade says:

    Who knew it was so easy!

  13. Alberto Gorgioski says:

    Some great insights there!

  14. Stephen Roberts says:

    Thanks for the tips very informative.

  15. Melinda Wrenn says:

    Great explanation thanks!

  16. Sarah Walwyn says:

    I had a very stressful refinance in the past so will look to use Lendi shortly.

  17. Nayesh Shah says:

    Found this video really helpful. Thanks Lendi.

  18. Nitaben Soni says:

    Thanks, it was very helpful information…!

  19. Sachin says:

    Thanks this was really helpful

Leave a Reply

Your email address will not be published. Required fields are marked *