What Refinancing Documents Are Needed? – A Checklist

January 19, 2018


Which refinancing documents are needed when you apply for a new loan? Just like when you went through the application process for your current mortgage, you’ll need the right documents to help your lender verify your financial status, income and personal details. And, you’ll need paperwork related to your existing mortgage.

Get these documents together to help speed up the refinancing process. Want to know the best part? When you have a neat folder of paperwork ready, you eliminate a lot of the hassle of switching loans. Choose your loan. Fill out your application and hand over your paperwork – and you’re done!

What Documents Are Needed to Refinance a Mortgage?


Personal Identification

First, you’ll need the standard personal identification documents. You can use a combination of the following primary sources:

  • Driver’s licence
  • Up-to-date passport
  • Birth certificate

What if you don’t have a driver’s licence or you can’t find your birth certificate? Most lenders will let you use a combination of secondary sources. Keep in mind, however, you’ll need at least one of the primary ID sources when you apply.

  • Credit card or ATM/Debit card
  • Pensioner Concession card
  • Council Rates Notice
  • Medicare card
  • Health Care card
  • Tertiary Student ID



Income Verification

If you are a PAYG borrower, you’ll need:

  • Recent payslips from your employer
  • The Group Certificate, also known as the payment summary, from your employer

If you are self-employed:

  • Previous two years’ worth of personal and business tax returns
  • Business activity statements
  • Notices of Assessment
  • Business transaction accounts

Your lender will also want to see other sources of income, such as:

  • Rental income statements
  • Proof of share dividends and interest earned on investments
  • Private pension group certificate



Financial and Credit Documents

Some or all of these may be relevant to you:

  • Credit card statements for the past six months
  • Statements for existing home loans or personal loans for the past six months
  • Documentation on your current mortgage, including the loan period, financial penalty for exiting early and the date of the loan’s commencement
  • Recent Council Rates Notice and building insurance property on your home
  • Savings and investment statements for the past six months
  • Evidence of any funds being used in the purchase



Construction Loan Documents

If you are refinancing for a home renovation, you’ll also need relevant documents in order to apply for a construction home loan:

  • A copy of Council approved plans
  • A copy of the builder’s fixed price tender


Preparing for Your Refinanced Loan Application

Aside from having the refinancing documents you’ll need ready to go, there are other steps you can take to ensure you are ready to apply with flying colours. Take the time to check your credit history. You don’t want to walk into the process only to find out your credit is poor right now. You won’t be able to qualify for the loan you spent hours combing through comparison sites to pick out! Something as simple as applying for a credit card and a car loan, or missing a couple of payments, can drag your score down. This is something you want to know before you try to refinance.

Another important step is to have your home appraised. This will cost you money but it can be worth it if you are not sure if the value of your property may have changed a lot. Depending on the current value, you may have more or less equity built up than you believe. How much equity you have will determine how much you will qualify for – and if you may be stuck paying lender’s mortgage insurance when you refinance. If you have a good idea of your home’s value, based on evaluating other properties in your neighbourhood and/or professional advice, you don’t necessarily have to pay an appraiser.

The more prepared you are, the more streamlined your refinance can be. With your mortgage refinance documentation and a good idea of where you stand as a borrower, you can apply for your new home loan with confidence.

Written by Refinancing.com.au

Tags: , ,

How much could you save?

Speak to a Refinancing expert.

By submitting this form you're accepting eChoice's Privacy Policy.