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What to expect when refinancing your loan
Fees and charges
It’s important you look at the full picture and weigh up the benefits vs costs, as refinancing can be costly and may include:
- Break costs
- Loan discharge fee
- Application/Lending establishment fee
- Property valuer fee
- Mortgage registration fee
Unexpected pitfalls
It all looks good at first glance but be careful of the longer-term impacts of refinancing. You could be caught out by having to pay:
- Lenders Mortgage Insurance
- More interest once the great introductory rate ends and the standard variable rate kicks in
- More interest over time if you extend your loan term
Paperwork and prep
Refinancing to another bank is a lengthy process, with long wait times, paperwork and preparation such as:
- Release of current mortgage
- Complete a new application
- Provide ID, payslips, bank statements, rental receipts, rates notices
- Property valuation hassles
- Loan approval and settlement
Staying is the easy option
We look forward to calling you to discuss how we can help you stay, for a home loan that meets your current needs.
- Save time and effort
- Compare rates and incentives
- Features and options could help you save
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Things you should know
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
The personal information we collect from you on this form will be used to respond to your query. We may disclose your personal information to other members of Westpac Group, anyone we engage to do something on your behalf, and other organisations that assist us with our business. Our privacy policy, available on westpac.com.au/privacy or by calling 132 032, contains information about how we handle your personal information.