Refinance a Home

What to expect

In this section discussion focuses on how you apply to refinance and what to expect from the application process - is it different to the normal application process?

Application Process

Mortgage Refinancing Application process

The application process required to refinance your home loan is similar to the process you went through to get your original mortgage.

Find out more information on the mortgage selection and application process.

Notifying your old lender - discharging the mortgage

To refinance your home loan and discharge a mortgage you will need to:

• Contact the bank or lending institution that holds the mortgage to let them know that the mortgage will be discharged.
• Once they know the date of settlement, they will tell you what the final pay-out figure for the mortgage is (which will include a charge for discharging the mortgage).
• Your mortgage provider will be paid out any outstanding amounts. Once the bank is paid out the title deeds may be transferred to the new mortgage provider.
• A document called a discharge of mortgage is given to the new mortgage provider at settlement, who then lodges it at the Land Titles Office.

ING DIRECT is a division of ING Bank (Australia) Limited ABN 24 000 893 292 AFSL 229823.