How to refinance your home loan sorted in 3 easy steps

Experience a stress-free home loan refinance with our handy 3-step process. Visit our website to plan your next refi the uno way. Fast, easy and stress-free.

How to refinance your home loan

Refinancing is a relatively simple process that allows you to do a number of things.

You might refinance to get a better rate, lower your monthly repayments, access the cash (equity) in your home, consolidate debt, adjust the loan term, or switch from a variable rate to a fixed rate (or vice versa).

In this guide, we break down the three steps to follow so you can go from dreamer to do-er – and potentially start saving thousands.

How to refinance a home in 3 key steps:

  • Get the documents you’ll need to verify your income, expenses and liabilities ready
  • Make a list of your assets, and their current value
  • Find the right deal, and apply

Step 1: Get the documents you’ll need to verify your income, expenses and liabilities ready

When you contact uno about refinancing your loan, we’ll ask you a few questions about your financial situation, such as your income and how much you spend each month. We’ll ask about any personal loans you have, credit card debt or store cards. (Yes, that includes that Samsung 65″ Series 7 Premium Ultra HD LED / LCD Smart TV you just purchased on Afterpay.) Any commitments such as this are considered liabilities by lenders.

What you’ll need:

  • Evidence in the form of payslips
  • Your last group certificate
  • Three credit card statements

Step 2: Make a list of your assets, and their current value

Next we’ll enquire about the value of the property you’re refinancing, your car, the superannuation balance of you and your partner (if you have one) and look at any savings you might have. We’ll ask about any investment shares and managed funds you possess, the value of any other real estate assets (if you’re lucky enough to have them, these days!) and whether you have home contents insurance.

What you’ll need:

  • Super statement
  • Savings account statements
  • Proof of shares and funds

Step 3: Find the right deal, and apply

UNO can then search through thousands of home loan rates offered by our 20+ lenders and help you choose the best mortgage for you. Once you’ve selected one, you’re ready for pre-approval. From the time of lodging your mortgage application, getting pre-approval for a loan can take up to 10 business days. However, at uno we have some lenders that can give us an answer within 48 hours. As an online mortgage broker, we strive to get you pre-approval as quickly as possible so you can start the refinancing process stat.

What you’ll need:

  • Photo ID such as a driver’s licence or passport
  • An arm to pinch when you marvel at how absurdly easy that was

You can also read more about how fast you can get a home loan pre-approval.

UNO's household financial waste Report shows Australians are wasting an estimated $4.2 billion annually on non competitive interest rates and ineffective savings tactics. The report also looks at what savings Australian households could make if they made some changes. Per household, consumers in New South Wales stand to gain $1,300 back in lower interest payments in the first year should they switch to a better home loan, while Victorians could gain back $1,200, according to the report.

Download the Household Financial Waste Report

When Is The Right Time to Refinance?

Savvy families and investors look at loan refinance as a powerful tool they can use to manage their finance or take advantage of a good opportunity.

Some common scenarios are:

  • A lower interest rate comes along that could save them thousands over the life of their loan.
  • They want to convert equity into cash so they can invest in something else, like a business or a rental
  • Their existing loan does not have a feature they want such as a redraw or an offset account
  • They want to lower monthly payments to manage their cashflow
  • An investment property has become their primary residence or vice versa
  • The loan holder wants to fix their rate because they believe rates may rise

‍

5 stars for our service reviews from clients

Book Call Now

UNO home loans

Try Plans, by UNO
Mortgage calculators completely reimagined
Get Started
Considering a purchase or refinance?

Try Plans by UNO

Mortgage calculators completely reimagined
Get Started
☎ đŸš« No cold call promise

Related Articles

TESTIMONIALS

What our customers are saying

Kathryn Cretney
November 14, 2024
5 stars for our service reviews from clients
Paul helped us from day one before we even arrived in Australia so we knew exactly what we needed to prepare. He’s got a tonne of knowledge and was really lovely and supportive to deal with. Helpful and easy going. Would highly recommend - now in our first Aussie home and Paul made the process all very easy!
Read more
Sean O'Neill
November 14, 2024
5 stars for our service reviews from clients
We received excellent service and a tailored solution to our home loan requirements from Uno. Paul kept us informed at all milestone stages and throughout the process he demonstrated a ‘can do’ attitude that ultimately allowed us to get over the line and meet our deadline. We’re most grateful and very impressed. Highly recommend
Read more
Crush Huston
November 8, 2024
5 stars for our service reviews from clients
Paul is an amazing broker. Communicative, responsive and knows his stuff! Highly recommend
Read more
Amanda Pearce
November 7, 2024
5 stars for our service reviews from clients
After just four months in Australia, our New Zealand home sold, prompting us to stop renting and invest locally. We found Paul through a Kiwi Facebook group, and his exceptional service exceeded our expectations. From initial contact, Paul provided clear explanations, friendly communication, and prompt responses to our queries, making our mortgage process remarkably smooth. We highly recommend him.
Read more
Dom Saric
November 3, 2024
5 stars for our service reviews from clients
Mike Parsons went above and beyond to ensure that our refinancing journey was painless and successful. He was communicative, accessible (even working while on holidays!), and his knowledge of the systems at play meant that he picked up on things that other brokers missed. Would 100% recommend Mike, and will definitely be back next time we need a broker.
Read more
Ashleigh Breaden
October 31, 2024
5 stars for our service reviews from clients
Mike Parsons handled our refinance of our home loan with ease and a depth of knowledge that ensured we got the best deal possible for our situation. We didn't have an easy one to solve for with my husband being self employed and we were consolidating finances as well for a car loan. But Mike handled it all for us and once we had provided him with all the documents we literally didn't have to do a thing after that, it was so easy and so quick we are super happy with the experience! Top notch! Highly recommend!!
Read more
Kyle Richards
October 10, 2024
5 stars for our service reviews from clients
Absolute legend, helped me through the first home buyers scheme, explained everything in a way that made sense, was very knowledgeable and a joy to work with.
Read more
Chloe S
October 8, 2024
5 stars for our service reviews from clients
Mike Parsons made it possible for us and the in laws to get 2 pretty complicated home loans. He helped us through everything and we'd be happy to use Mike and the team again for anything we needed. Thanks again!
Read more
Sam Rezai
October 2, 2024
5 stars for our service reviews from clients
I have gone through 6 different mortgage brokers prior to meeting Andrew Wyers. He is the most patient mortgage broker I’ve encountered and also the most knowledgable about the bank’s lending process and products available. It took me 1 year to find a house I was happy with and Andrew was always there to assist with any issues or questions I had; he always return my phone call, even on the weekends or when his away on holidays. The loan process was smooth and I had no complications. The process with Andrew was again nice and easy, he took the time to find and put together the right package that was suited to my situation. I have recommended Andrew to my family & friends and everyone have been grateful and completely satisfied with his service.
Read more
S Wilko
September 23, 2024
5 stars for our service reviews from clients
I had not dealt with Scott or UNO before finding them on the internet. Even as an Australian citizen living and working overseas, I knew obtaining a loan would be difficult. However, Scott went above and beyond what I expected from a mortgage broker. I genuinely don’t think you could find another company that works as hard as they did to get my home loan approved. I cannot recommend them highly enough. Everyone I dealt with at UNO were extremely professional and helpful. If you are looking for a broker, you would be mad not to give them a go. Thanks to Scott Wilkinson, Dalby Bajwa, Jena Lasquite and Andrew Pacini. Shaun.
Read more
Patrick Winters
August 14, 2024
5 stars for our service reviews from clients
For the past three years, it has been an absolute pleasure to work with Mike Parsons. He has consistently helped us navigate commercial property loans with skill and efficiency. Mike’s timely and professional responses to our inquiries have been invaluable. We have built a strong, reliable relationship with him and eagerly anticipate continuing our collaboration in the future. We highly recommend his services.
Read more
Lee Robibaro
August 6, 2024
5 stars for our service reviews from clients
I am so thankful and grateful to have Scott Wilkinson as my broker. He not only looked after me every step from start to finish he gave me confidence and I was able to trust him and his expertise. My children and I are now happy in our new home and very appreciative of Scott's help. I will definitely be only having Scott as my broker from here onward as there is no mucking around and straightforward answers. Thanks again
Read more