Thinking of moving banks?
We just need some details
One of our home loan specialists will be in touch.
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A quick chat could save you thousands, having to start over, and potential break costs. We'd love to discuss how we can help you stay, with a home loan that meets your current needs.
Call us on 1800 807 693 (8am-8pm Mon-Fri and 9am-6pm Sat, Sydney time).
How to discharge your mortgage?
Steps
- Complete the callback form or call us on 1800 807 693 to discuss your options and be guided through the discharge process
- We'll send you a Property and Security request form
- Download, complete, and sign the form (all account holders plus any guarantors must sign)
- Submit the signed form to: securityvariations@mortgage.westpac.com.au
- We'll review your request and be in touch with any questions
- Expect to receive a confirmation letter about 10 days after we receive everything we need.
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 for fixed home loans
- 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
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Any tax information described is general in nature and it is not tax advice or a guide to tax laws. We recommend you seek independent, professional tax advice applicable to your personal circumstances.