The Easiest Way to Prepare Your Refinance Application

What Documents Do You Need to Refinance Your Home Loan?

You need proof of income, identity documents, details of your current loan, and information about the property you're refinancing. Lenders assess refinance applications the same way they assess new loans, which means they need to verify your capacity to service the debt and confirm the property's value.

As an aged care pharmacist, you're in a profession lenders recognise and understand. Whether you're employed in residential aged care facilities, work across multiple sites, or hold a senior clinical role, your income structure is typically straightforward to document. That recognition often makes the application process more predictable than it is for someone in a less familiar occupation.

The documents you provide prove three things: who you are, what you earn, and what you own. Most refinance applications stall because one of these three elements is incomplete or unclear, not because the borrower doesn't qualify.

Income Documentation for Employed Aged Care Pharmacists

If you're a full-time or part-time employee, you need your two most recent payslips and your latest tax return or notice of assessment. Lenders want to see consistency between what your payslips show and what the Australian Taxation Office has on record.

Consider a pharmacist working permanent part-time across two aged care facilities. Their income includes a base salary from one employer and additional shifts through a second employer or agency. In a scenario like this, both income streams need to be documented with payslips, and the lender will typically ask for a letter from each employer confirming the ongoing nature of the arrangement. If penalty rates or weekend loadings make up a significant portion of your income, lenders will usually include them as long as they appear consistently across at least three months of payslips.

If you've recently moved roles or picked up additional hours, that can still work in your favour. Lenders assess your current earning capacity, not just your historical average. A letter from your employer stating your ongoing hours and any permanent increase in your role can support the application even if your most recent tax return doesn't yet reflect the change.

What Lenders Look for in Your Current Loan Details

You need to provide your most recent home loan statement, which should be no more than 90 days old. That statement shows your current loan balance, your repayment amount, and the interest rate you're paying.

Lenders also want to know if you have an offset account or redraw facility attached to your current loan, and if so, what the balance is. That information affects how they assess your financial position and your borrowing capacity. If you're sitting on $40,000 in an offset account, that reduces your effective loan balance and may give you access to a wider range of refinance options.

If your fixed rate period is ending, the lender will note the expiry date and calculate whether break costs apply. Break costs are only relevant if you're still within a fixed term, and even then, they're often negligible if rates have risen since you locked in. Your current lender will provide a payout figure on request, which includes any applicable break costs and the exact amount needed to discharge the loan.

Property Valuation and How It Affects Your Application

You don't need to arrange a valuation yourself. The lender will either order a desktop valuation or send a valuer to your property, depending on the loan amount and location.

What you do need is a realistic understanding of your property's current value. If you're refinancing to access equity, the difference between what you think your property is worth and what the valuer determines can change the outcome of your application. Lenders lend against the lower of the purchase price or valuation, and they calculate loan-to-value ratio based on that figure.

In our experience, aged care pharmacists refinancing in regional areas sometimes overestimate how much equity they can access because they're relying on recent sales of larger or better-located homes in the same suburb. A property valuation is specific to your home, not an average of the neighbourhood.

Identity and Credit Documents

You need to provide a current driver's licence or passport, plus a document that confirms your residential address, such as a rates notice or utility bill. If your name has changed since you bought the property, you'll also need to provide evidence of that change, such as a marriage certificate or change of name certificate.

Lenders will run a credit check as part of the application, but you don't need to provide your credit report unless there's something specific you want to explain upfront. If you've had a default, missed payment, or other credit event in the past, it's worth addressing that in writing before the lender discovers it themselves. A short explanation with context is far more useful than silence.

If you're refinancing jointly with a partner who isn't a pharmacist, they'll need to provide the same identity and income documentation. The lender assesses the combined application, which means both applicants need to meet the identification and income verification requirements.

How Long Does the Refinance Process Take?

From the time you submit a complete application to the time you receive formal approval, expect two to three weeks. If the lender needs additional information or if the valuation takes longer to arrange, that timeline can stretch to four weeks.

The single biggest delay in most refinance applications is incomplete income documentation. If you're paid fortnightly and you submit your application mid-cycle, you might not have two full payslips covering a complete month. That can trigger a request for additional payslips or a delay until the next pay cycle.

Once you have formal approval, settlement usually occurs within two to four weeks. Your new lender will coordinate with your existing lender to discharge the old loan and register the new mortgage. You don't need to do anything during settlement other than sign the final documents and ensure your existing loan account has enough funds to cover any final fees or adjustments.

When to Start Gathering Documents

Start gathering your documents as soon as you decide to refinance your home loan. Most documents are valid for 90 days, so if you collect everything now and then wait three months to apply, you'll need to request updated versions.

If you're considering a refinance because your fixed rate is ending or because you want to access equity for an investment property, contact your broker at least two months before you need the new loan to settle. That gives you enough time to prepare the documents, compare your options, and submit the application without rushing.

You can also request a loan health check before you commit to a full refinance application. That process involves a review of your current loan structure and an assessment of whether refinancing would deliver a tangible benefit based on your current circumstances. If the numbers don't support a refinance, you'll know before you spend time compiling documents and submitting an application.

Call one of our team or book an appointment at a time that works for you.

Frequently Asked Questions