Refinancing Documentation: What to Gather and When

When you refinance your home loan, lenders need to reassess you just like they did when you first borrowed. That means gathering documentation that proves your income, savings, and property value haven't changed in ways that affect your ability to repay.

Income Proof: Payslips and Tax Returns

You'll need to show recent payslips and tax documents that match what you've told the lender you earn. PAYG employees typically provide their two most recent payslips and their most recent notice of assessment from the ATO. Self-employed borrowers need two years of tax returns and often two years of financials prepared by an accountant. If you run a tourism business in Jindabyne or Thredbo and your income fluctuates with the ski season, lenders will look at an average across those two years rather than a single peak or quiet period. That seasonal pattern isn't a problem as long as the documentation is consistent and shows you can service the loan amount you're asking for.

Bank Statements: Three Months is Standard

Most lenders want three months of bank statements for every account where your pay goes in or expenses come out. They're checking that your spending habits align with what you've declared and that you're not carrying undisclosed debts. If you've got a mortgage offset account, include that statement too. In regional areas like Cooma or the Snowy Valleys, where a lot of households run side businesses or seasonal work, it's common to have multiple income streams hitting different accounts. Make sure you provide statements for all of them, even if one account only catches occasional AgJobs payments or farm gate sales.

Property Valuation: Desktop or Full Inspection

The lender will arrange a valuation to confirm what your property is worth now, not what you paid for it or what you think it's worth. In the Snowy Mountains, this can be tricky because there aren't as many comparable sales as you'd find in a city suburb, and values can shift quickly depending on snow seasons and tourism demand. Most lenders start with a desktop valuation, which costs you nothing and uses recent sales data to estimate value. If the desktop figure comes in lower than expected or the property is unusual, they might order a full inspection, which can add a week or two to your refinancing timeline and sometimes a cost of a few hundred dollars.

Consider someone refinancing a holiday let in Perisher. The property might be worth significantly more than a comparable home in Berridale because of its rental income potential, but that only shows up if the valuer understands the local short-term rental market. If your property has unique features or income-generating use, mention it upfront so the lender can brief the valuer properly.

Proof of Identity and Property Ownership

You'll need a current driver's licence or passport, plus your rates notice or a copy of the title to confirm you own the property you're refinancing. If you've moved address since you took out the original loan, bring something recent like a utility bill that shows your current residential address. This is usually straightforward, but it gets missed more often than you'd expect, especially if you're refinancing an investment property and your postal address is different from the property address.

Liabilities: Credit Cards, Car Loans, and Other Debts

Lenders will pull your credit file, but they also want you to declare every debt you're carrying, including credit card limits, personal loans, and any other mortgages. If you've consolidated debts into your mortgage before or you're planning to do it as part of this refinance application, you'll need statements showing the current balance on each account. Even if you pay your credit card off in full every month, the lender still counts the full limit as a potential liability when they calculate your borrowing capacity. If you've got a $20,000 limit you never use, consider closing it before you apply.

How Long the Process Takes Once Documents Are In

Once you've handed over everything the lender needs, most refinance applications take two to four weeks to settle, assuming there are no valuation delays or missing paperwork. In rural areas, valuation turnaround can stretch that timeline, especially during busy periods or if the valuer needs to travel from Canberra or the South Coast. If your fixed rate period is ending and you're trying to lock in a new rate before it reverts to variable, start gathering documents at least six weeks before expiry so you've got buffer time.

When to Get Your Documents Together

Don't wait until your current rate goes up or your fixed term ends to start pulling paperwork. If you're coming off a fixed rate, start the process three months out. If you're refinancing to access equity or move to a loan with different features, start as soon as you've decided to make the change. The longer you leave it, the more chance something in your financial situation shifts, like a job change or a new expense, which can complicate the application. A loan health check can help you figure out whether refinancing makes sense before you commit time to the paperwork.

Call one of our team or book an appointment at a time that works for you. We'll talk through what you're trying to achieve and let you know exactly what documents you'll need for your situation, so nothing holds up your application once you're ready to move.

Frequently Asked Questions