Refinancing

 

People often want to refinance quickly so we suggest you do as follows:

  1. Telephone your finance broker or new bank and give them our postal and email address so that they can send out the new loan documents. Most banks can now send documents by secure email which helps speed up the process.
  2. We suggest a settlement date (for repayment of current loan and drawdown of new loan) of a week away, but when deciding on a date discuss this with us first.
  3. Email us your instructions to repay your existing bank along with the address of the property and proposed settlement date. Ideally we need at least three days notice. But in the end our work time is only restricted by how quickly new documents can come to us and on the existing bank being able to instruct us on the release of its mortgage. Note that a few banks and lenders require five full working days notice of intention to repay.
  4. Make sure you are borrowing enough to repay the current loan, any fixed loan break fees, legal fees and registration, and any personal loans and credit cards with that same bank. The bank will usually not release any house mortgage until all indebtedness is repaid including credit cards!
  5. Arrange for your broker or insurance company to fax us confirmation (fax 849 4100) of your house insurance. This must show your full name(s) and your new bank as mortgagee  (use its full legal name eg “ANZ Bank New Zealand Limited”; “The Hongkong and Shanghai Banking Corporation”; "ASB Bank Limited"; "Kiwibank Limited"; "Bank of New Zealand"; "Westpac New Zealand Limited"; "TSB Bank Limited"; etc…