The refinancing process

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If your financial circumstances or lifestyle change, your current mortgage no longer meets your needs, or you are just dissatisfied with your existing lender, refinancing with Westpac will help ensure your home loan best suits your individual needs.

The refinancing process involves 6 straightforward steps:

Step 1 Explore the costs of refinancing	Depending on the terms and conditions of your current home loan contract, refinancing can be expensive. Make sure you seek professional advice regarding the associated costs charged by your current lender.
Step 2 Choose the right home loan	Whether you have a property loan with us or another financial institution, we can help you review your current loan and ensure it continues to suit your lifestyle. Contact us to discuss your refinance application. Our Westpac Home Loan Experts can: Save you time by coming to your home or office at a time that suits you Save you interest by showing you how to cut years off your loan term, build equity faster and leverage it for investment Save you money with a 10-minute personal illustration demonstrating various repayment scenarios to show you different ways you could save money.
Step 3 Apply to refinance your loan	After discussing your needs with one of our Westpac Home Loan Experts, apply for your loan by either submitting your application through one of our experts, online or direct to a branch. Don't forget to include any supporting documentation that is required. You also need to ensure that your existing home loan lender is made aware of the refinancing, so that they can provide Westpac with all the necessary information to make the process as quick and easy as possible for you.
Step 4 Approval and documentation	Once Westpac has received all necessary documentation to process your application, we will notify you and proceed to issue a Letter of Offer, provided all lending criteria have been met. This needs to be signed and returned to us as quickly as possible to allow us to arrange the next step.
Step 5 Arranging your settlement	Once we have received your signed Letter of Offer, we will organise settlement with your solicitors or conveyancers. This is a process where titles are exchanged and the bank registers a mortgage over your property.
Step 6 Drawdown your loan	Once all of the above steps are complete, it's time to congratulate yourself! Welcome to Westpac.

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