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How to refinance online

How to refinance online

There are now so many tools and resources available on the internet that you can complete the whole refinancing process from start to finish online.

Starting with basic information guides all the way to online-only home loan lenders – the web is your one-stop shop for refinancing needs.

Before you begin sifting through all the relevant information, it is important to understand what you are hoping to get out of refinancing your loan.

It could be to save money, to change loan types, to access different features or any number of different reasons.

Using online tools and resources

Rearview shot of a  businesswoman working with financial graphs on her laptop

Once you have established what your end aim is, you can begin to use the tools and resources available online to inform your home loan search.

Some interesting online resources to look at include Domain’s Home Price Guide, to give you an idea of your property’s potential value, and Veda’s free credit score check which will determine how you will be viewed by a potential lender.

Another very useful tool to use early on is a mortgage calculator. This calculator will help you to visualise how switching to a different home loan will affect your monthly repayment size. It can also help you see how much you will save in total by refinancing.

Doing some background reading online in this exploratory phase is also recommended as it will give you the confidence to compare loans and pick the right one for your needs. There will be articles covering every detail of the refinancing process and all the tips and tricks to look out for. You can start with the below articles that will cover some of the basics .

Comparing home loans

Now that all your background research is complete, you will be ready to start your online comparison of the best mortgages to suit your needs. At this stage, the comparison table will become a very handy tool for you to look at different loans side by side and figure out which one will be the most appropriate for you.

Five year fixed refinancing home loans

You can filter by your loan size, desired loan term, features and providers to narrow down your search to the most relevant loans available on the market. With thousands of options out there, you can’t underestimate the time-saving importance of being able to limit your search to only the most relevant products.

Applying online

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Once you have narrowed down your search to a loan from a lender you’re interested in you can determine whether this lender offers online applications or not. For some borrowers, this may have been an early consideration and an online lender may be purposefully chosen by busy refinancers to limit contact hours needed to complete the process. Another reason an online lender may be specifically chosen is because they often offer low rates and fees. This is because their overheads are smaller considering they do not have the financial burden of running a branch and employing branch staff.

That said, online lenders will still often have a call centre with trained professionals who can assist you with the refinancing process over the phone. Some examples of online lenders include loans.com.au, Reduce Home Loans and Homestar Finance.

Refinancing loans from online lenders

It is not only online lenders who will allow you to complete your application online. The Big 4 banks and many other lenders will allow you to submit an application via their website before following up with a phone call or other form of communication.

The best way to streamline any home loan application process, online or through a broker, is to prepare all the necessary paperwork from before you start your search. This includes proof of income, residency and identification documents and information about any assets and liabilities you have.

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