Refinancing
Can You Refinance Without Payslips or Financial Statements?
The traditional "full-doc" refinance process involves gathering months of payslips, tax returns, and bank statements. For many busy Australians, particularly the self-employed, this paperwork hurdle is what stops them from seeking a better deal.
Credit is subject to lender criteria, assessment and approval. Fees, charges and eligibility criteria may apply.
Danny SaputraPublished Updated 1 min read
The Rise of Streamlined Refinancing
A growing number of lenders now offer "streamlined" refinancing options. These are designed for borrowers who have a strong track record of meeting their current mortgage repayments.
Who Qualifies for Low-Doc or Streamlined Refi?
While requirements vary, typical criteria include:
- Clean Repayment History: No missed mortgage payments in the last 12-24 months.
- Stable LVR: Usually an LVR of 80% or less.
- Dollar-for-Dollar: You aren't looking to increase your loan amount significantly (cash out).
By focusing on your actual repayment behaviour rather than just your paperwork, these lenders may need less documentation. Approval times vary and are set by each lender.
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General information only, not personal advice.
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