The Refinancing Process Explained: What Happens and What to Expect

Refinancing your home loan can be a powerful way to reduce interest costs, improve cash flow, or make sure your mortgage still suits your lifestyle. But for many homeowners, the process itself feels unclear — what actually happens when you refinance, and how involved is it?

Understanding the refinance process before you begin can remove uncertainty and help you make confident, informed decisions. Below is a clear, step-by-step overview of how refinancing works and how having the right guidance can make all the difference.

Step 1: Reviewing Your Current Home Loan

The refinance process starts with a review of your existing home loan. This includes your current interest rate, loan balance, repayment structure, fees, and features such as offset or redraw.

The goal at this stage is to understand what’s working, what’s not, and whether there’s an opportunity to improve your position. Many homeowners are surprised to learn they’re on rates or structures that are no longer competitive.

This is also where broader financial considerations come into play. For example, refinancing may impact tax or long-term planning decisions, which is why collaboration with professionals like
The Accountants
can be valuable when reviewing your overall strategy.

Step 2: Assessing Your Financial Position

Next, your current financial position is assessed. Lenders look at income, living expenses, existing debts, and your overall ability to service a new loan.

Even if you already have a mortgage, refinancing is still a new application, so this step is similar to applying for a loan the first time. Understanding your borrowing position early helps avoid surprises later in the process.

Step 3: Exploring Refinance Options

Once your position is clear, suitable refinance options are explored. This may include securing a lower interest rate, changing loan features, consolidating debts, or accessing equity if appropriate.

This is where structure matters just as much as rate. A refinance should be aligned with your current goals and future plans — not just short-term savings.

Advice from experienced professionals can help ensure refinancing decisions support your broader financial picture, particularly when equity, investments, or tax considerations are involved. Resources from
The Accountants
can provide additional insight into these areas.

Step 4: Submitting the Refinance Application

Once a suitable option is selected, the refinance application is submitted to the new lender. This involves providing documentation such as income verification, bank statements, and identification.

The new lender will also arrange a valuation of your property to confirm its current value. This helps determine loan-to-value ratios and whether lenders mortgage insurance applies.

Step 5: Approval and Discharge of the Existing Loan

If the application is approved, the new lender coordinates with your existing lender to discharge your current loan.

This part of the process is largely administrative, but timing and accuracy are important to ensure a smooth transition. Having someone manage this step helps reduce delays and confusion.

Step 6: Settlement and Moving Forward

At settlement, your old loan is paid out and the new loan takes effect. From this point, your repayments, interest rate, and loan features reflect the new structure.

After settlement, it’s important to understand how to make the most of your new loan — whether that’s using offset accounts effectively or adjusting repayments to suit your goals.

Why Work With Chase When Refinancing?

Refinancing doesn’t have to be complicated — but it does need to be done properly.

Chase Douglas has extensive experience in mortgage lending and works closely with clients to guide them through every step of the refinance process.

From reviewing your current loan and assessing options to managing the application and settlement, Chase provides clear, practical advice so you know exactly what’s happening and why.

Importantly, refinancing with Chase isn’t just about chasing a lower rate — it’s about making sure your home loan continues to support your lifestyle, cash flow, and long-term financial goals.

Is Refinancing Right for You?

If you haven’t reviewed your home loan in the last 12–24 months, refinancing could deliver meaningful benefits. Even small improvements in rate or structure can make a significant difference over time.

If you’re considering refinancing and want guidance from someone who understands the process inside and out, now is the right time to
talk to Chase.

With the right support and a clear process, refinancing can be a confident step forward — not a stressful one.