Overcoming Barriers to Refinancing, What Canberra Borrowers Need to Know

Refinancing and debt consolidation are powerful tools, yet many borrowers hesitate, deterred by confusing discharge processes, unclear paperwork, and perceived difficulty. The ACCC Home Loan Price Inquiry final report confirms existing lenders may intentionally complicate switching, making forms hard to find or requiring in, person visits just to start the process.

Common challenges include:

• Lengthy discharge times, often 15 days or more, sometimes stretching to 40 days.
• Administrative hurdles: Different lenders have unique discharge forms and requirements, leading to repeat paperwork or processing delays.
• Retention tactics: Your existing lender may try to keep your business with short, term incentives or “save calls”, sometimes making your payout figure unclear until you’ve agreed to switch.

What Canberra home loan borrowers can do

Work with an experienced mortgage professional. Iconic Mortgage Solutions manages these hurdles for you, negotiating directly with banks and lenders, and ensuring everything from forms to settlements is handled efficiently.

Request clear timelines. Only a small number of lenders publish realistic process times, but we can provide a reliable estimate and advocate on your behalf.

Be aware of all fees, discharge, settlement, establishment, and potential insurance costs.

Best practice tips:

• Insist on digital processing rather than unnecessary physical paperwork.
• Stay informed: A good broker will keep you updated throughout the discharge and settlement process.

Bottom line

With professional support from Iconic Mortgage Solutions, refinancing doesn’t need to be a headache. The process can be smooth, transparent, and focused on getting the best outcome for you, not your lender.