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
- 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
- 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
During approval
- 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
- Compare comparison rate not just headline variable rate
After settlement
- 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
- Budget for valuation, legal, and registration costs
Quick tips
Australian home loan markets are shaped by prudential standards, RBA cash rate moves, and lender appetite for certain postcodes and property types. General information in this guide is not personal advice; your circumstances, goals, and risk tolerance matter before any borrowing decision.
Lenders apply serviceability tests that often assume higher interest rates than the headline offer. That buffer protects the system but can limit how much you borrow even when your current repayments feel comfortable.
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.
Common mistakes
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.
Australian home loan markets are shaped by prudential standards, RBA cash rate moves, and lender appetite for certain postcodes and property types. General information in this guide is not personal advice; your circumstances, goals, and risk tolerance matter before any borrowing decision.
Lenders apply serviceability tests that often assume higher interest rates than the headline offer. That buffer protects the system but can limit how much you borrow even when your current repayments feel comfortable.
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.