Stage 5 of 6
How the refinance process actually works
Refinancing
Stage 5 / 6 · The process
How the refinance process actually works
Discharge form, valuation, settlement, dual-loan period. Six weeks if you start clean, twelve if you don’t.
A refinance settlement is a discharge from one lender and a new loan from another, run on the same day. The timing between the two is what makes it slow.
The eight steps, in order
- New lender pre-approves your application.
- New lender orders a valuation.
- New lender issues formal approval.
- You sign mortgage documents.
- Existing lender receives the discharge authority.
- Settlement booking confirmed (PEXA).
- Settlement: new lender pays out old lender.
- Direct debits switch over to new account.
From the rest of the site
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates are calculated on a secured loan of $150,000 over 25 years for home loans and a loan of $30,000 over 5 years for car and personal loans, unless the lender states another basis. Business loans and equipment finance for a business purpose have no mandatory comparison rate.