Refinancing Your Loan

Stage 8 – Finalisation and Settlement


When your refinance is approved by the new lender, they will get in touch with you to welcome. They generally will guide you through the process by helping you setup your new bank account and your internet banking.

At this point, you need to notify your current lender that you are going to refinance your home loan to another lender. You need to complete a “Mortgage Discharge Form” and forward it to your current lender.

Settlement Day

On Settlement day a number of exchanges occur between your current lender and new lender (you don’t need to be present).

Here is a rough outline of what happens:

  • Your new lender pays the balance of your current loan to your current lender
  • Your current lender will discharge the mortgage on your property and will pass it on to your new lender. The new mortgage will be noted on the title until the term of the home loan is completed. When you’ve paid off your mortgage you get to keep the title, until then it belongs to your new lender. 

Be warned, that it is not unusual for settlements to be delayed by a few hours, or even a day or so due to a variety of factors like a missed signature, a cheque being delayed or incorrect paperwork.

Although it is an extremely frustrating, everybody will be working to effect settlement as soon as possible for you.



We’re here to help you

Dealing with banks can be a stressful experience but rest assured that our mortgage broker based in Glenelg (but our mortgage broker services the entire Adelaide Metropolitan area) can help you make the right decision about your mortgage. We will guide you at every stage of your loan process.

Contact us on 08 8376 0455 or drop into our office at 593 Anzac Highway, Glenelg SA 5045.


Next Stages

Stage 9: Post Settlement

Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.