How to refinance your home loan sorted in 3 easy steps

Experience a stress-free home loan refinance with our handy 3-step process. Visit our website to plan your next refi the uno way. Fast, easy and stress-free.

How to refinance your home loan

Refinancing is a relatively simple process that allows you to do a number of things.

You might refinance to get a better rate, lower your monthly repayments, access the cash (equity) in your home, consolidate debt, adjust the loan term, or switch from a variable rate to a fixed rate (or vice versa).

In this guide, we break down the three steps to follow so you can go from dreamer to do-er – and potentially start saving thousands.

How to refinance a home in 3 key steps:

  • Get the documents you’ll need to verify your income, expenses and liabilities ready
  • Make a list of your assets, and their current value
  • Find the right deal, and apply

Step 1: Get the documents you’ll need to verify your income, expenses and liabilities ready

When you contact uno about refinancing your loan, we’ll ask you a few questions about your financial situation, such as your income and how much you spend each month. We’ll ask about any personal loans you have, credit card debt or store cards. (Yes, that includes that Samsung 65″ Series 7 Premium Ultra HD LED / LCD Smart TV you just purchased on Afterpay.) Any commitments such as this are considered liabilities by lenders.

What you’ll need:

  • Evidence in the form of payslips
  • Your last group certificate
  • Three credit card statements

Step 2: Make a list of your assets, and their current value

Next we’ll enquire about the value of the property you’re refinancing, your car, the superannuation balance of you and your partner (if you have one) and look at any savings you might have. We’ll ask about any investment shares and managed funds you possess, the value of any other real estate assets (if you’re lucky enough to have them, these days!) and whether you have home contents insurance.

What you’ll need:

  • Super statement
  • Savings account statements
  • Proof of shares and funds

Step 3: Find the right deal, and apply

uno can then search through thousands of home loan rates offered by our 20+ lenders and help you choose the best mortgage for you. Once you’ve selected one, you’re ready for pre-approval. From the time of lodging your mortgage application, getting pre-approval for a loan can take up to 10 business days. However, at uno we have some lenders that can give us an answer within 48 hours. As an online mortgage broker, we strive to get you pre-approval as quickly as possible so you can start the refinancing process stat.

What you’ll need:

  • Photo ID such as a driver’s licence or passport
  • An arm to pinch when you marvel at how absurdly easy that was

You can also read more about how fast you can get a home loan pre-approval.

uno’s Household Financial Waste Report shows Australians are wasting an estimated $4.2 billion annually on non competitive interest rates and ineffective savings tactics. The report also looks at what savings Australian households could make if they made some changes. Per household, consumers in New South Wales stand to gain $1,300 back in lower interest payments in the first year should they switch to a better home loan, while Victorians could gain back $1,200, according to the report.

Download the Household Financial Waste Report

When Is The Right Time to Refinance?

Savvy families and investors look at loan refinance as a powerful tool they can use to manage their finance or take advantage of a good opportunity.

Some common scenarios are:

  • A lower interest rate comes along that could save them thousands over the life of their loan.
  • They want to convert equity into cash so they can invest in something else, like a business or a rental
  • Their existing loan does not have a feature they want such as a redraw or an offset account
  • They want to lower monthly payments to manage their cashflow
  • An investment property has become their primary residence or vice versa
  • The loan holder wants to fix their rate because they believe rates may rise


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TESTIMONIALS

What our customers are saying

Leanda Cawdry
June 8, 2024
Very pleased with the outcome of this process, Michael Parsons and his team at UNO were helpful, communicative, and took all the stress out of the process of finding me a refinance deal that met my needs. Would definitely recommend Michael and UNO, and I already have!
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Glen Matthews
May 29, 2024
Regarding UNO Home Loan services. I had great experience with uno home loans, Michael parsons was my broker for UNO Home Loans we had excellent communication throughout the whole home loan application. If I had any questions on home loan application which were many were answered in great detail. He had the time to assist me in filling out endless application forms at anytime through the day or night which made the application process stress free. So I would strongly recommend Michael parsons from UNO Home Loans to try his services you will not be disappointed. Thanks to Michael parsons I have the lowest home loan interest rate I could ever hope for which I particularly ask for. It’s was a pleasure working with him. And will be using his services in the near future.
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Gillian Anderson
May 28, 2024
Thank you to Michael and UNO for their help in securing our home loan. I like the way they break everything down in simple terms to ensure that you can make the right decision. Michael was polite and very patient to help us get things across the line. We are now sitting in our first home away from rental circus. Can't recommend them enough. Thanks Michael and thanks UNO
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Andy Song
May 17, 2024
Amy has been absolutely wonderful as a broker. I would not hesitate one bit in recommending her services.
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Troy H
May 13, 2024
Scott Wilkinson did a great job as my broker. He was very patient and always happy to answer my numerous questions throughout the considerable period of time that it took to secure a suitable property. Would certainly recommend Scott and the team at UNO for anyone seeking a broker.
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Elvin Singh
May 10, 2024
First time I have used a Broker and I must say Andrew Wyers and his team were amazing to work with and handled my refinance from a Big4 bank. He was able to understand my needs and find a lender that will be able to help me grow my investment portfolio. Andrew and his team kept me updated as part of my refinance journey and made the process super easy and I was able to refi to new lender in under 2 weeks. Would highly recommend Andrew.
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Nadine Steffens
April 19, 2024
Scott and the team at Uno are absolutely 💯 amazing. I don't think I could have done my loan on my own. They are highly motivated and I do recommend them.
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Andrew
April 16, 2024
Dealing with Scott Wilkinson was an absolute delight. Scott is tenacious, hard working and readily available. He made a very stressful process for me and my partner smooth sailing. Would highly recommend.
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Liam Sugiono
April 15, 2024
Amy and her team were efficient and knowledgeable as our broker. They were easily contactable and ensured all our needs were met.
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Mike Vincent
April 10, 2024
Andrew is the best broker I have worked with and one of the few people who understands the investment journey from both a personal and professional standpoint. Andrew is an asset to anyone from a first home buyer to a seasoned investor.
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Yu Su
April 9, 2024
Amy was very help and quick respond when I have questions. Really recommended.
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John Cahill
March 7, 2024
Scott Wilkinson was my broker last year when I sought finance for a new property investment and refinance for my property port folio. He was an absolute delight to work with. He was always professional, on time and always available to talk at a moment's notice to discuss my credit options and give well considered advice; usually this was very much after-hours due to my work commitments during the day. He was always happy to talk. I had not used a mortgage broker in a long time opting to do the re-financing myself. This was primarily due to disappointing experiences I'd had with mortgage brokers in the past. However with the increasing complex nature of dealing with credit providers, I could see that I needed a good advocate to act on my behalf for this particular refinance. In all honesty I did not hold much hope that in the current credit environment I would be able to secure the finance I required for the new property investment I was wishing to secure. Scott found a way however and was able to secure the finance along with the refinance of my portfolio. I have since referred friends to Scott and I know they have been very happy with his work. He is ideal for property investors who have busy day-jobs and need someone who understands property investment strategy and is able to tailor credit advice and options to their needs. Scott provides this advice and information in a way that is clear and concise. He kept me up to date continually during the application process. He made what could have been a very stressful and frustrating process easy and straightforward. I could not recommend Scott and the team at UNO Home Loans more highly. They are all a delight.
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