Roadmap to Finance 

REFINANCE APPLICATIONS

The Refinance Process – Including Discharge Authority

 

1. Refinance Application Kick-off

 

To begin the process, your broker will send you a link to complete a refinance questionnaire. This helps us understand your current financial situation, loan preferences, and goals.Along with the questionnaire, we will request supporting documents such as payslips, bank statements, and tax returns to verify your income and financial position.

 

2. Your Actions - You will need to:

 

• Complete the questionnaire with accurate and up-to-date information.

• Upload the questionnaire and all supporting documents to the Finance Vault, our secure platform for sharing sensitive information.

 

3. Broker’s Action: Valuation, Research & Assessment

 

Once your documents are received:

• We will order a property valuation to determine your home's current market value. This helps assess your loan-to-value ratio (LVR) and the refinance options available.

• Your broker will conduct in-depth research and assessment, considering your financial profile, property value, and lending options.

• We will compare interest rates, loan features, and potential savings to present you with the most suitable solutions.

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4. Discharge Form – Ending Your Current Loan

 

As part of refinancing, you will need to complete a Discharge Authority Form to notify your current lender to close your existing loan.

• We will send you the form along with step-by-step instructions.

• Most lenders require a wet signature, meaning the form must be printed and signed by hand.

• Once submitted, our team will liaise with the lender to ensure the discharge is processed. Please note, lenders have varying processing times and requirements, so timely completion is important.

 

5. Credit Proposal & Loan Application Preparation

 

Once we have all required documents:

• Your broker will prepare and send a Credit Proposal, which outlines loan options (where applicable) and provides tailored credit advice.

• You are encouraged to call your broker if you have any questions before signing. Signing promptly allows us to prepare and lodge your loan application.

• You may be asked to complete ID verification and sign application documents electronically—our team will guide you through this process.

 

6. Loan Application Lodgement

 

Once all documents are ready, we will submit your application to the lender.Assessment time varies by lender and depends on their current workload. Most lenders take 2–5 business days to assess an application.Our processing team will keep you updated throughout this stage.Meanwhile, your discharge request is also being processed by your current lender.

 

7. Formal Loan ApprovalIf your refinance is formally approved, our team will send you the formal approval letter via email.

 

8. Settlement CoordinationAt Fidelis, you will be supported by a settlements coordinator, who will:Guide you through the final steps,Monitor your application until settlement, andLet you know how your loan documents will be issued and how to return them to the bank.

 

9. Loan DocumentsOnce issued:Please do not sign them immediately. Our team will review the documents to ensure all figures align with your approved application.Your settlement coordinator will then contact you to book a time to go through the documents together and provide signing instructions.Note: We do not provide legal advice. If you require legal guidance, we strongly recommend consulting a solicitor.

 

10. Certification & Building InsuranceAfter your signed documents are returned:The bank will place them in a queue for certification.In most cases, the bank will only proceed with certification once they receive a Certificate of Currency (proof of building insurance).Your coordinator will advise you on how to arrange this.

 

11. Booking SettlementOnce all conditions are met:The bank will book a settlement date.We will coordinate with your outgoing lender to ensure they are ready for the proposed date.

 

12. Settlement DayYou do not need to be present on settlement day.Our team will oversee the process to ensure both lenders are in communication and ready to proceed.Please note that settlement may occur anytime before close of business on that day.

 

13. Post-SettlementOnce settlement is complete, our team will notify you.Please allow 24 to 48 hours for your new loan details to be updated in both internet banking systems.