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Mortgage Refinancing

Thinking about refinancing your mortgage? We have all the information you need to know

Refinancing your mortgage simply means taking out a new mortgage to replace your existing one. Why bother? Because over time your circumstances can change, so it's good to review your mortgage every 2 or 3 years. Compare it with other products on the market and make sure it's still the best one for you.

There are lots of reasons to consider refinancing your mortgage:

• If you want to renovate or put an extension on your home
• To get better value, such as a lower interest rate or to pay little or even no monthly fees
• To consolidate finances. For example: to save money by consolidating your credit card debt, personal loans and car loan all into the one loan
• To suit changes in your life, such as having children, or finishing up at your job, or selling/buying an investment property
• Or to simply explore your options when you come to the end of a fixed term mortgage.

What is the application process for mortgage refinancing?

The process to refinance a mortgage is similar to the process of getting your original mortgage, and you'll find you have some of the information you need from your original mortgage documents already.

How much will it cost me to refinance?

While refinancing your home may save you money there will likely be some upfront costs to budget for. These fees may include:

• Exit fees from your existing home loan
• Establishment/application fees
• Mortgage approval fees
• Settlement and handling fees
• Additional mortgage stamp duty – if you increase your current mortgage
• Mortgage registration – to inform the State Titles Office you've changed either your mortgage provider or type of mortgage.

What's the best way to refinance my current mortgage?

Provided you're approved for an ING DIRECT mortgage they take care of all the paperwork for you. However, just for your information this is what usually happens.

• You (or your solicitor) inform your current lender that your current mortgage will be discharged
• When your current lender knows the settlement date they give you the final payout figure
• They then pay them the standard amount and the title deeds are transferred to ING DIRECT
• On settlement they receive a Discharge of Mortgage document that is lodged with the Land Titles office. That's all there is to it.

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