Frequently asked questions Frequently asked questions

Everything you've ever wanted to know (about refinancing)
Everything you've ever wanted to know (about refinancing)
What you'll need to refinance
What you'll need to refinance
Fees & costs explained
Fees & costs explained
The process & timings
The process & timings

Do I have to fill all the paperwork again?
To refinance to Bank First, you'll need to complete an application form for the product you’ve chosen. You can compare our products here to find out which is best suited to you, as well as how much you'll save if you switch.

What do I need to provide?
In addition to your completed application form, you'll be asked to provide:

  • Recent payslips for two months (if you're self-employed, this will be tax returns for 2 years)

  • Bank statements for your existing home loan for 6 months

  • Bank statements for your everyday banking accounts for 3 months

  • A rates notice or proof of ownership of property

Do I need to get anything certified?
If approved, you'll need to get the mortgage contract certified by someone on the list of Persons Authorised to witness Statutory Declarations.

Do I need to speak to my current bank?
You will need to contact your bank and ask for a Discharge Authorisation Form, and they'll have need to complete it and provide to you/Bank First. This document authorises them to liaise with us and our solicitors regarding payouts, etc.

Do I need to have my property valued?
This is something we'll arrange for you! We have our own valuers, so you don't need to organise this yourself, as independent valuations will not be accepted.

Will I be charged by my current bank to refinance?
Most banks charge a fee when a home loan is refinanced elsewhere, this might also be called a discharge fee or a termination fee. This fee varies between lenders, so it’s good to know what you’re in for. 

What is the establishment fee and do I have to pay it?
An establishment fee is usually charged at the start of a new home loan, to cover some of the costs of lawyers to draw up mortgage documents and set up the loan, valuation, and title search. For Bank First loans, this fee is $600, except for the Premier Package Home Loan, which offers a 50% discount on the establishment fee. Compare Home Loans here

What is a land title fee and how much will I pay?
This is collected by the Land Titles Office in each state to register and re-register the mortgage on the title record for the property. You’ll need to contact the Land Title office in your state to find out how much you may need to pay. 

What happens if I’m on a fixed rate? 
Most banks charge break costs to end a fixed rate on a home loan – this is to cover losses to the lender from future earnings at that fixed rate. You’ll need to talk to your current lender to find out what these costs might be for you, and decide if these costs will be worth the savings to refinance. 

What about ongoing fees and fees for redraw? 
We don’t charge annual fees on most of our home loans (all except Premier Package), and we don’t charge a fee to redraw money from your home loan (if you’ve made extra payments), provided you redraw at least $500. These funds will show as “Available Redraw” on your home loan statement. 

Step 1: Find out how much you could save by refinancing
Timing: Just minutes! Simply visit Refinance: Switch & Save and enter your current loan details to find out how much you can save on your home loan.

Step 2: Apply for the loan
Timing: The application form is straightforward and easy, provided you have all of the documents you need (such as bank statements and payslips). After you submit your application, our team will be working to complete all of the checks needed to ensure that you can afford the loan, and run valuations and other checks. Usually, you’ll receive an answer within a week.

Step 3: Approval & Signing Contract
Timing: Once approved, you’ll need to contact your current bank to obtain a discharge authority form so that we can move your home loan over. They have 14 days to provide this.
You’ll also receive your mortgage contract, which you’ll need to have certified.

Step 4: Settlement
You’re all set! Your home loan is now with Bank First, and you’ll start seeing savings. Remember, if you keep your repayments the same, you’ll be able to pay of your loan sooner, while still having that money available for redraw if you need it.

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