If you own property, refinancing your existing loans can be a way of lessening the financial pressure faced currently. It can also free up cash held in your property as equity to provide funds to maintain you and your family.
Refinancing your property may sound stressful, but it is actually quite straightforward. The bank will guide you through the initial part of the transaction and ask you to provide basic information about yourself, your property and your earnings. You may need to obtain a registered valuation for your property but check with your bank first before instructing a valuer, as most banks will have a list of approved valuers.
Once your lending is approved and your loan structure finalised, the bank will contact us and provide us with their instructions for the new lending, together with the loan and security documents. We take over the process from that point and make contact with your existing bank to repay your existing loans and discharge your mortgage. Just last month, we were contacted by a client on Thursday who wanted to complete his refinance on Friday (his loans were due to roll-over onto the bank’s variable rate on the Saturday). We received the bank’s instructions on Friday morning and completed the refinance by mid-afternoon!  
Some key points: if you are thinking about making a change to your current lending, it is better to talk to us or your bank sooner rather than later. To make an appointment, please contact the office.