Refinancing made simple: your 10 step guide


Follow these simple steps to switch your home loan lender

Your home loan is probably your biggest household expense – and with interest rates at an all-time low, there’s never been a better time to switch and save. Refinancing your home loan simply means transferring it from one lender to another.

Sounds easy enough – but there are a few decisions to make along the way. So to make the process as hassle-free as possible, follow our simple guide to refinancing with Macquarie.

Step 1

Find out how much you could save by refinancing

Step 2

Find the best deal for you – online or through a broker

  • check the comparison interest rate* and note all the fees (including settlement, credit card and annual fees)
  • make sure it has the features you need - an offset account, a redraw facility, or the ability to make extra repayments
  • consider any other benefits – like better customer service, great banking apps, credit card rewards or built-in budgeting tools.

*A comparison rate helps you see the true cost of a loan. It factors in the interest rate, most fees and charges and displays a single percentage rate that may be used to compare loans from different lenders.

Step 3

Check the numbers stack up

  • make sure you know your current balance, interest rate, remaining term and payment frequency
  • consider how long it will take you to recoup your switching costs.

Step 4

Apply directly, or through a broker

  • applying directly? Your personal Macquarie banking specialist will guide you through the process over the phone
  • you’ll need to tell us your income, employment details, monthly expenses and any debts you hold (including balances, limits and monthly repayments)
  • in most cases, you’ll have pre-approval within a day.

Request a call and your personal Macquarie banking specialist will guide you through the process

Step 5

 Get your documentation ready

  • last two payslips
  • PAYG summaries for the last year
  • last three months bank statements
  • any loan statements – including credit cards, car loans or leases, personal loans)
  • home loan statements for last six months
  • if self-employed: last two years of tax returns, full financials for companies or trusts, tax returns and notice of assessments
  • if it’s an investment property: rental income and property management statements
  • if applicable: child support documents and HECS statements.

Step 6

Complete and sign your home loan application online and verify your ID

  • Macquarie uses a service called ZipID5 to send the document to your home or office to make this step even easier.

Step 7

Property valuation

The valuation may be done electronically, using data to complete the assessment, meaning we don’t need to send a valuer to your property. This is done at no cost to you (unless the property value is over $3 million).

Step 8

If your loan application is approved

  • upload your documentation online
  • your offset account is opened and you receive a Macquarie Account ID.

Step 9

Sign contracts

  • most of this can be done online
  • discharge your current loan: we make this simple by sending you a pre-filled discharge authority which you sign and return to us. We then send it to your current lender to start the loan discharge process
  • you don’t need to organise your own conveyancing.

Step 10

Settlement day

  • that’s it! Once the process is finalised with your current lender, you can start seeing the savings stack up – or keep up the same repayments and pay off your loan sooner.

If you’ve also switched your everyday banking, remember to:

  • choose your credit card rewards program
  • update any direct debit payment details – you can manage this easily through our online banking system
  • let your employer know before payday
  • notify Medicare, Centrelink and any other organisations who pay into your account.

How long does it take to refinance?

Every situation is different, but you should expect it to take up to a month to go through all these steps. It may also take a few hours of your time to complete the paperwork, read contracts and organise signatures. But if it gets you closer to your savings goals, that’s a good return on time invested.

If you’re not sure if you should refinance, take our quiz

Ready to start saving more on your home loan? Find out how Macquarie’s home loan compares today. 

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Unless stated otherwise, this information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL & Australian Credit Licence 237502 and does not take into account your objectives, financial situation or needs. Before making any financial investment decision or a decision about whether to acquire a credit or lending product, a person should obtain and review the terms and conditions relating to that product and also seek independent financial, legal and taxation advice. All applications are subject to Macquarie’s standard credit approval criteria.