Home loans come with various terms and conditions and if you decide to refinance your current loan contract, you may need to ask some questions. You are advised to ask your lender about associated costs such as economic costs, deferred establishment fees, fixed rate break costs and discharge fees to keep the financial surprises to a minimum.
Resources - Refinancing Guide
What is the Real Cost of Refinancing?
Choose the Loan that is Right for You
The Oak Lending advantage gives you access to our accredited team of brokers that can review your current financial position and the suitability of your current loan. If a more competitive loan is sourced we will work with you to facilitate the change of loan.
Your Loan Refinancing Application
Oak Lending’s accredited finance brokers assist you to carefully select and apply for a suitable loan. You will be required to provide supporting documentation for the new refinance loan. These will include employment documents, income statements and loan statements.
Your current lender must be notified that you will be discharging from the loan. You will need to obtain pay out figures and then submit a discharge request.
As soon as all application documents are received and the loan lending criteria has been met, we will proceed with a letter of offer.soon after approval, our solicitors will issue loan contracts and documentation; you will be required to sign these as soon as possible consulting legal and financial advises where necessary.
Once the signed loan contract is received, settlement will be organised with your solicitor or conveyancer. Titles are exchanged at this stage and the lender registers a mortgage over your property.
Drawdown your Loan
When the above are completed congratulate yourself on your property ownership. Oak Lending will provide you with a detailed settlement statement just days after the settlement of your property has been completed. The settlement statement will confirm a breakdown of the loan disbursements for your convenience and repayment arrangements of the loan.
You’re now ready for the next property purchase, contact Oak Lending today to discuss your borrowing capacity.