Your refinance checklist, from quote to first payment
Prepare a refinance in stages: record your current loan, compare a written offer, gather the requested evidence, check the final contract and confirm settlement arrangements. Then verify the first repayment and any offset link. Use this checklist to keep open questions visible. Approval, pricing and settlement timing depend on the lender and your circumstances, so ask who owns each outstanding step and when they need it.
By Ratey · General information for Australian borrowers.
Example: make an unresolved item actionable
A borrower has compared a new loan but still needs a fixed-rate break quote. Their task list reads: outgoing lender to supply a quote for the intended settlement date; borrower to rerun the cost comparison; new lender to confirm whether the rate offer remains available.
That is more useful than marking the whole refinance “in progress”. If the quote changes the benefit, the borrower can revisit the decision before arranging settlement. The same format works for missing income documents, valuation questions and uncertain cashback eligibility.
1. Create one accurate starting record
Write down the balance, interest rate, repayment type, remaining term and payment frequency for each loan split. Add the fixed expiry date where relevant. Record which accounts are offsets and which amounts are redraw, because they are different parts of your banking arrangements.
Next, write a one-sentence objective: for example, reduce borrowing cost while keeping the same repayment end date. This gives you a way to reject an offer that solves a different problem. Keep an estimate of your property value clearly labelled until the lender confirms the value it will use.
- Latest loan statement for each split.
- Current fees and features you use.
- A target holding period for the cost comparison.
- Any existing guarantor or additional security to discuss.
2. Resolve the offer before collecting everything
Ask for the rate available to you, a fee breakdown, the proposed term and the required repayment. Use the refinance calculator to compare interest and fees. Check any offset, redraw or extra-payment feature against your intended use rather than relying on the product name.
The key decision is whether the offer is worth progressing with the information available. Keep unknown valuation, insurance or break-cost amounts on an open-questions list. Update the comparison once those are confirmed. Moneysmart recommends checking switching costs and the new loan term.
3. Ask for a checklist matched to your income
Get the proposed lender’s document list before sending a large bundle. Identify the dates and entities each document must cover. Label files clearly enough that you can tell a complete statement from a screenshot and a lodged return from a draft.
For self-employed borrowers, CommBank’s preparation guide identifies financial statements, tax returns, notices of assessment and existing loan statements as common requests. That is one lender’s guidance; use your chosen lender’s requirements. Explain missing or inconsistent information accurately and ask what evidence can resolve it.
| Information group | Preparation task |
|---|---|
| Identity and applicants | Confirm required identification for every borrower |
| Income | Request the list for your actual employment or business structure |
| Expenses and debts | Gather current commitments and statement periods requested |
| Property and security | Confirm ownership details and valuation arrangements |
| Existing loan | Include all splits and the lender’s requested history |
4. Check the contract and settlement instructions
Compare the final contract with the offer you modelled: balance, rate, fees, term and features. Ask the lender to explain differences before signing. Record the steps for discharging the old loan and which party coordinates them. Confirm any cash shortfall and how the lender wants it funded.
Ask for the first new repayment date and written guidance on the old repayment arrangement. Keep making required payments until the lenders confirm the change. Do not assume a planned settlement date means the old loan has closed. If timing moves, ask whether payout amounts or other quotes need refreshing.
5. Finish with a first-statement check
After settlement, confirm the old loan has been paid out and reconcile any residual balance. Check the new opening balance against the settlement figures. Verify the repayment account, first payment and any annual fee.
If the new loan has an offset, confirm the correct account is linked to the correct split. Track any promised rebate separately with its conditions and expected timing. Save the final comparison so a later review starts from actual figures.
Your next-step checklist
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Common questions
How long does refinancing take?
Ask the lender for a timeline based on your application and remaining conditions. Document requests, valuation and discharge arrangements can affect the sequence; a generic duration is not a commitment.
Should I cancel my old direct debit immediately?
Ask the outgoing lender when the loan is closed and what to do with existing payment instructions. Continue meeting your obligations while settlement is pending.
Does conditional approval mean everything is finished?
No. Ask for the outstanding conditions in writing and confirm when the lender is ready for settlement. Keep the checklist open until those steps are complete.
Sources and assumptions
These primary sources support the explanations above. Examples use invented figures to show the calculation or decision; they are not available loan offers. Check your lender’s terms for your circumstances.
Calculations are estimates and do not establish borrowing eligibility. Read the calculation methodology.
Put the costs beside the checklist
Check the financial comparison before committing to the switching process.