Refinancing

If you have untapped equity and want to maximise your assets, it is worth thinking about refinancing. By doing this, you can continue to invest, and be assisted with holding costs.

In order to refinance you need to change lending institutions. To do this, you pay out your current lender and arrange a new one to take over.
This can be a complicated process, but we are here to make it simple.

What is involved?

Refinancing takes a bit of time and requires completing a variety of paperwork. This list gives you a rundown of the basic process.

• You need to notify your original lender of your decision to refinance. This allows them to produce a discharge authority.
• With our help, you choose the appropriate funder for refinancing.
• Once this is done we forward a completed finance application and supporting documentation to the funder of choice. When this is conditionally approved we arrange a property evaluation on the property that will act as security for the loan.
• When the evaluation is complete, it, along with supporting documents, is sent to our experienced loan-processing team members, who keep on top of the process and keep you informed of its progress.
• On unconditional approval of the loan, we engage solicitors to prepare the mortgage documents.
• Solicitors then obtain a payout figure and usually have the loan settled within 30 days from the date from which the borrower was issued with the mortgage documents.
• The full restructuring usually takes 60-90 days to process.

Line of equity

Individual lines of equity are set up for each property in order to provide transparency and easy monitoring of negative gearing. Interest and expenses are deducted from these lines, while rent is paid in. Interest is only payable when the shortfall on the investment property accrues.

Talk to us today about refinancing. Our experts are always ready to help.