Refinancing & Mortgages
Clear legal support when changing, registering or discharging a mortgage
Refinancing your property can help you secure a more suitable loan, consolidate debts, access equity or restructure your finances. However, changing lenders or altering the mortgage over your property involves important legal documents, lender requirements and settlement arrangements.
At MLG Conveyancing, we help make the legal side of refinancing and mortgage transactions as straightforward as possible. Our experienced team will guide you through the process, explain what is required and work with the relevant parties to help your transaction proceed smoothly.
Speak with our team today about your refinancing or mortgage requirements.
Making your refinance easier
Refinancing generally involves paying out your existing home loan and replacing it with a new loan, either through your current lender or a different lender.
As part of this process, the existing mortgage registered against your property may need to be discharged and a new mortgage registered in favour of the incoming lender. Settlement must then be carefully coordinated so that the existing loan is repaid, the old mortgage is released and the new lender’s security is correctly registered.
Depending on the structure of your transaction and the requirements of your lender, you may require the assistance of a licensed conveyancer.
MLG Conveyancing can assist with the legal and conveyancing requirements of your refinance, keeping you informed throughout the transaction and helping to ensure that all necessary documents and settlement arrangements are completed correctly.
Why you may choose to refinance
Property owners refinance for many different reasons, including:
- Moving to a lender offering more suitable loan terms
- Consolidating personal debts into a home loan
- Accessing available equity in a property
- Funding renovations, investments or other major expenses
- Changing from a fixed-rate to a variable-rate loan, or vice versa
- Restructuring loans across multiple properties
- Releasing a guarantor or removing a property from a loan facility
- Paying out a private mortgage
- Changing the borrowers or registered owners associated with a property
Your lender or mortgage broker can advise you on loan products, interest rates, borrowing capacity and whether refinancing is financially suitable for you. MLG Conveyancing will focus on the legal documentation, property requirements and settlement process associated with the transaction.
How MLG Conveyancing can help
Every refinance is different. Our team will review the details of your transaction and advise you about the conveyancing work required.
Our assistance may include:
- Reviewing the proposed refinancing arrangements
- Explaining the legal steps involved in the transaction
- Confirming the ownership and title details of the property
- Completing verification of identity requirements
- Preparing or reviewing mortgage-related documents
- Liaising with your existing and incoming lenders
- Assisting with the discharge of an existing mortgage
- Coordinating the registration of a new mortgage
- Arranging and monitoring electronic settlement
- Confirming payout figures and settlement adjustments
- Assisting with the release or substitution of a property used as security
- Managing mortgage documents associated with private lending arrangements
- Advising on related changes to the property title
- Confirming when settlement has been successfully completed
We will maintain clear communication throughout the matter so you understand what is happening, what information is required from you and what the next steps will be.
Mortgage registrations and discharges
MLG Conveyancing can also assist with mortgage-related transactions that do not form part of a standard bank refinance.
These matters may include:
- Registering a private mortgage over a property
- Discharging a mortgage after a loan has been repaid
- Releasing one property from a loan secured by multiple properties
- Substituting one property for another as loan security
- Mortgage arrangements connected with a family or private loan
- Removing or changing a guarantor arrangement
- Updating ownership details as part of a broader finance restructure
- Coordinating a mortgage transaction alongside a property transfer
Private mortgages and transactions involving changes to property ownership can have significant legal, financial and taxation consequences. Additional legal, financial or taxation advice may therefore be required depending on your circumstances.
Straightforward Service and Clear Communication
Refinancing can involve several parties, strict lender requirements and important deadlines. Delays in completing a discharge authority, identification check or lender document can affect the proposed settlement date.
MLG Conveyancing will help you understand what is required and keep the transaction moving by communicating with the relevant parties throughout the process.
With offices in Oran Park and Picton, we proudly assist clients throughout Macarthur, Wollondilly and across New South Wales.
The Refinancing Process
1. Obtain Loan Approval
Your first step is generally to speak with your lender or mortgage broker and obtain approval for the new loan or finance arrangement. Before proceeding, you should make sure you understand the proposed interest rate, repayments, fees, loan conditions and any costs associated with ending your existing loan.
2. Provide Your Instructions
Once your finance arrangements are progressing, contact MLG Conveyancing and provide us with the details of your property, current lender, incoming lender and proposed transaction. We will confirm the scope of the conveyancing work required and provide you with a clear quotation.
3. Complete Identification and Authorities
We may need to verify your identity and obtain signed authorities allowing us to act on your behalf in connection with the property transaction. It is important that all names and details match the information recorded on the property title and in the lender’s documents.
4. Coordinate With the Lenders
Our team will communicate with the relevant lenders and representatives to confirm the mortgage discharge, incoming mortgage and settlement requirements. You may also need to complete a discharge or refinance authority directly with your existing lender. Completing these documents promptly can help prevent unnecessary settlement delays.
5. Prepare for Settlement
Before settlement, we will review the available figures and documentation, confirm that the parties are ready and help ensure the transaction has been correctly arranged. Where applicable, the settlement will be completed electronically.
6. Complete the Refinance
At settlement, funds from the new loan are used as directed, including paying out the existing mortgage where required. The existing mortgage can then be discharged and the incoming lender’s mortgage registered against the property. We will notify you once settlement has been successfully completed.
Frequently asked questions
Do I need a conveyancer to refinance my home loan?
This depends on the lender, the property and the structure of the transaction. In some straightforward refinances, the lenders may manage most of the settlement process. More complex transactions, private mortgages, title changes and releases of security may require your own conveyancer.
Contact our team with the details of your proposed refinance and we can advise whether we are able to assist.
Can MLG Conveyancing recommend a home loan?
We do not provide financial or lending advice. Your bank, lender, mortgage broker or financial adviser can help you compare loan products and determine whether refinancing is suitable for your circumstances.
Our role is to assist with the legal and conveyancing aspects of the mortgage or refinance transaction.
How long does refinancing take?
Timeframes depend on the lenders involved, how quickly documents are completed and whether there are any complications with the property title or loan structure.
Providing requested documents and completing your existing lender’s discharge authority as early as possible can help avoid delays.
Can you help discharge a mortgage that has already been repaid?
Yes. Repaying a loan does not always automatically remove the mortgage from the property title. A formal discharge may still need to be prepared and registered.
Our team can review the title and advise you about the steps required.
Can you assist with a private mortgage?
Refinance with confidence
Whether you are changing lenders, restructuring your property finance, discharging an existing mortgage or registering a new mortgage, MLG Conveyancing is here to guide you through the legal process.
Contact our experienced team for clear advice, professional support and an easy-to-understand quotation.
Let us take care of the legal details so you can move forward with confidence.
General conveyancing enquiry
Have a question about the conveyancing process, required documents, costs or timeframes? We’re happy to help.