Refinancing Made Simple: 8 Steps
Refinancing is one of those things most home owners know they should look at… but often put off.
It can feel like a hassle. Paperwork. Bank follow-ups. Confusing terms. And the fear that you’ll go through the process only to find out it wasn’t worth it.
The truth is: in many cases, refinancing can be quite straightforward - especially when it’s managed properly from start to settlement.
At Sutherland Mortgage Group, we help clients refinance for all kinds of reasons. Sometimes it’s about improving the rate. Sometimes it’s about loan structure. Sometimes it’s about flexibility, cashflow, or preparing for a new stage of life.
Whatever the reason, the key is having a clear plan.
Why people refinance
Refinancing isn’t only about chasing a lower interest rate.
It may be worth considering if:
your circumstances have changed
your loan is no longer competitive
you want different features (offset, redraw, flexibility)
your fixed rate is ending soon
you’re considering accessing equity (where suitable)
you want to restructure your loan for future plans
If you’re not sure whether refinancing is relevant for you, that’s usually the best place to start: a conversation.
Contact Stu to talk it through.
8 steps to refinancing your home loan
1. Get clear on your goal
Before comparing anything, ask yourself:
What am I trying to achieve?
It might be:
reducing repayments
improving loan flexibility
restructuring your loan
switching lenders
accessing equity (subject to assessment)
The clearer the goal, the easier it is to assess your options.
2. Understand your equity position
Equity is the difference between:
your property’s value, and
your remaining loan balance
Your equity position can influence:
which lenders may be suitable
what rates or pricing you may be eligible for
whether Lenders Mortgage Insurance (LMI) applies (link to LMI blog)
In many cases, having at least 20% equity can help avoid LMI - but it depends on the lender and your circumstances. Even your profession can have an impact.
3. Check your credit file
Refinancing is a new credit application, so your credit profile matters.
You’re entitled to a free credit report from providers such as Equifax or Experian. (link). We can do this for you as part of the process.
It’s worth checking for:
missed repayments
incorrect listings
multiple recent enquiries
If anything doesn’t look right, it’s better to know before applying.
4. Engage a Broker - there is no cost to you
This is where most people save time, stress and dead ends.
A broker can:
assess your borrowing capacity
help you understand your options
compare lenders and policies
identify what is realistically achievable
manage the process from start to settlement
At SMG, we don’t just “find you a home loan”.
We manage the entire refinance process - the lender follow-ups, the forms, the supporting documents, and the jargon - so you don’t have to.
5. Compare home loans (not just rates)
Interest rate matters - but it’s not the only thing to consider when choosing a loan.
A good refinance comparison also includes:
comparison rates
fees and charges
offset and redraw options
flexibility for extra repayments
loan structure (fixed, variable, split)
how the loan fits your future plans
A loan that looks cheaper on paper may not suit your needs long-term.
6. Apply for the new loan
Once you choose an option, the lender will assess your application.
This usually involves providing documents such as:
payslips or tax returns
bank statements
existing loan statements
details of liabilities and expenses
Self-employed applicants may need additional documents depending on the lender.
7. Valuation
As part of the refinance, the new lender will order a valuation of your property.
This is standard. It helps the lender confirm the property value supports the loan amount being requested.
Valuation outcomes can influence your LVR and your available options - we’ll explain what it means if anything changes.
8. Settlement
Once approved, your new loan settles and your old loan is paid out.
From there, your repayments move across to the new lender, and your refinance is complete.
Refinancing doesn’t have to be overwhelming
Many people stay on the same loan for years simply because refinancing feels too hard.
But the mortgage market can change significantly in 12–24 months - and so can your life.
Refinancing is simply an opportunity to check whether your loan still suits your needs and your goals.
If you’re considering refinancing, call Stu and we’ll walk you through it calmly and clearly.
Want to review your home loan?
Contact Sutherland Mortgage Group to book a refinance conversation.
Individual circumstances, lending criteria, fees & charges apply.
