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How To Refinance Your Home Loan? 5 EASY Steps To Refinancing (Australia) - YouTube
Channel: Lendi
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Sarah: Are you stuck on high interest rate
and perhaps want to decrease your repayments
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or maybe you want to get some cash out and
consolidate some debt, in this video, we're
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going to go through the five easy steps to
refinancing your home loan to get you into
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a better financial situation.
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Sarah: Hi guys, it's Sarah.
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Here at Lendi we've already helped thousands
of australians refinance their home loans.
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Now, before we start, if you're interested
in getting great home loan tips in Australia,
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please subscribe to our channel.
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And don't forget to hit the bell to be notified
when we post new videos.
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Sarah: Now, the first step to refinancing
your home loan is to be very clear as to the
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reasons why.
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As in, are you trying to consolidate some
debt, maybe you want to get some cash out
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or just reduce your monthly repayments.
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If you need to understand more about the basics,
you can watch our video which will tell you
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more about it.
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Sarah: The second step is to understand the
costs and if it really makes sense.
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There are different types of fees that you
might be charged such as government fees,
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legal fees and lender fees.
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Now, depending on the lender and your specific
scenario is whether or not these fees are
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applicable to you.
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Now, keep in mind these fees are generally
capitalized to the loan and not an out of
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pocket expense and the benefits will outweigh
the costs.
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If you want more information about these costs,
you can watch our video which goes into more
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detail.
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Sarah: The third step is to shop around and
compare a variety of lenders.
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For example, a reduction in half a percent
of your interest rate can save you thousands
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over the life of your loan.
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You do however need to take into consideration
the rate, the costs and the loan terms.
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Now, remember, comparing your options with
most brokers or Lendi will not impact your
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credit score so don't hesitate to do so.
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If you want more information about finding
the right home loan, feel free to watch our
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video that will tell you more about it.
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Sarah: Now before we continue, I do want to
ask you a quick question.
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Is there any reason that you will be hesitant
to refinance your home loan or perhaps you
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already have refinanced and you've come across
some issues.
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Please let us know in the comment section
below.
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Sarah: Now, the fourth step is to apply for
your home loan.
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And be prepared to share information such
as your income and your employment type, your
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current home loan and what you want out of
a new home loan.
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We need to know about your assets, your liabilities,
your income and your expenses.
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Now, this information is validated through
documents and these documents are things like
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your payslips and your group certificate.
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Perhaps it'll be your tax returns if you're
self employed, your home loan statement and
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we need to verify your ID with a driver's
license or a passport.
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Now, if you want to speed up the process,
you might want to think about using a platform
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like Lendi where you can upload all of your
documents and apply online in your own time.
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Sarah: Now, the fifth step is understanding
what happens after you apply and the pathway
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to settlement.
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It's not uncommon for lenders to request further
documentation after you have applied.
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The loan may go through conditional approval,
which means that the lender is requesting
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more information or it can bypass that process
and move straight to unconditional or formal
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approval, which means the lender is happy
with the loan application and they're about
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to draw up the loan contract.
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Sarah: Once you sign the loan contract, the
documents will be executed and settlement
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will be booked.
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And the funds will be used to pay out your
home loan.
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Now, most banks and brokers won't contact
you after your loan has settled.
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Here at Lendi however, we'll touch base with
you frequently just to make sure that your
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rate is still up to date and that your loan
is still suitable for your needs.
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Sarah: So you might be wondering how long
the refinance process takes, finding the right
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home loan can take less than one hour then
generally you hand the loans over to somebody
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else who will view and submit the application
for you.
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Then the settlement process generally takes
three to six weeks.
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Sarah: That's it guys, five easy steps to
refinance your home loan.
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If you're wanting to refinance your home loan
and wanting to compare your options and the
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lender fees, please jump online to Lendi.com.au
and look at our online platform.
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You can also join our private Facebook group,
Home Loan Hacks Australia where we give useful
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tips and answer any of the questions that
you might have on all things home loans.
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The link is in our description below.
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Sarah: If you found this video helpful, please
give us a thumbs up.
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And if you have any questions leave them in
the comment section below.
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Lastly, if you're wanting more information
on how to refinance your home loan, you can
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check our video here or if you're wanting
to know about better interest rates, you can
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watch our video here.
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