Switching home loans — refinancing — is more straightforward than most people expect. Here is exactly what happens, step by step, when you switch your home loan through Lendology.
Before recommending a switch, we review your current loan — rate, remaining term, features, outstanding balance, and any exit costs. We check whether you are on a fixed rate (and calculate break costs if so), and assess how your current product compares to what is available in the market.
We search across 60+ lenders to find your best refinancing options, accounting for rate, fees, offset account availability, redraw, and any cashback offers. We present a clear comparison showing your current position versus alternatives — including the net saving after all switching costs.
Once you have chosen a lender, we prepare and submit the application on your behalf. We compile all required documents, complete the application forms, and lodge everything with the new lender. You do not deal with the lender directly at this stage — we manage it.
The new lender orders a valuation of your property. This is typically done by an independent valuer within a few business days. Once the valuation is confirmed and your documents are verified, the lender issues formal approval.
Once formally approved, we instruct both lenders to proceed. Your existing lender prepares a discharge of the mortgage. The new lender prepares the new loan documents. Settlement is coordinated — typically within 2 to 4 weeks of formal approval — and your existing loan is repaid and closed. The new loan takes effect from settlement day.
The process is mostly managed behind the scenes. Most clients tell us they were surprised by how little they had to do themselves.
No. Lendology manages all communication with both your current and new lender throughout the process. We handle the discharge request and settlement coordination on your behalf.
Yes, a new loan application generates a credit enquiry. This is why we identify the right lender before submitting rather than shopping multiple applications simultaneously.
From application to settlement, most refinances complete in 3 to 6 weeks. We keep you updated at every stage and flag any delays early.