Refinancing Home Loan

Refinancing home loan is the process of paying off one home loan with the proceeds from a new home loan using the same property as security.

There are many things to consider when changing banks, which is explained in more detail in our related guide linked below.

Once you've decided to make the switch, what happens in practice is that after the new bank draws down the money for your home loans, they will send the money to the existing bank to repay all your home loans with them. Your solicitor will manage the process between the two banks and transfer the security (ie, the 'mortgage') from the old bank to the new bank.