If you’re at the start of your refinancing journey, you might be wondering what type of paperwork will be involved. Do you need to provide all the same documents as when you first applied for your home loan?
When you’re refinancing, lenders will be looking for very similar documentation that you used when you applied for your current loan.
Refinancing documents and paperwork required
The paperwork required to support your refinancing application generally includes:
- Your ID (driver’s license, passport, or birth certificate)
- Proof of your income (group certificate, payslips, or tax returns)
- Your current home loan statements
- Personal loans or credit card statements (if applicable)
- Council rates notice
- Records for assets you may own (investments etc.)
| Documents | Reason |
|---|---|
| ID Driver's license, passport, birth certificate, etc |
Allows a lender to verify your identity and ensure the person applying to refinance their home loan is the actual homeowner Helps prevent identity theft and fraud |
|
Proof of your income |
Allows a lender to assess your ability to repay a home loan Helps assure a lender that you're financial stabile and able to manage new loan repayments |
| Current home loan statements |
Gives the lender a clear picture of your existing home loan, your repayment history, remaining balance, and current interest rate May help it structure the terms of the new loan |
| Personal loans or credit card statements (if applicable) |
Lenders assess your overall financial position by looking at all your debt obligations Details of existing debt facilities can impact your borrowing capacity and help the lender gauge the level of risk you may pose |
| Council rates notice |
Helps verify property ownership and ensures the property is up to date with local government charges Also assists in estimating a property's value |
| Records of other assets you may own |
Lenders look at all your assets to gauge your financial strength Existing, unrelated assets can also be used as security for a home loan in some instances |
Keep in mind that the documentation required may vary from lender to lender.
When you’re ready to meet with your lender to discuss refinancing options, make sure to have these documents handy to ensure the process runs as smoothly as possible for you.
First published 22 Apr, 2020, last updated by Hanan Dervisevic 22 June, 2022
Collections: Refinance home loans
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