Refinance - Legal representative

Hi All,

I've been trying to organise a refinance on our own for a PPOR, currently at 70% Lvr, no offset.
We've organised a new lender and have had provisional approval - currently awaiting final approval.

I've filled out our discharge paperwork for our current lender and nominated the incoming banks our legal representative for the process.

Is this what is usually done or should I nominate a conveyancer instead?
Interested to hear what others have done.

 

If its a refinance the banks own settlement proess is only involved. There is no "conveyance" from a vendor to a buyer as such. Just a change of mortgagee on title. The two lenders will settle between themselves. One will release the mortgage on receipt of cleared funds and at the same time the other will seek to register their charge for giving that loan.

 

no need for an LPR

 

On the discharge, you can write down a few parties if you want. Doesn't really make a difference. It's just who you are giving authority to call up about the discharge

 

If an investment loan is being refinance from one bank to another, is there anything specifically that I need to ensure that the interest deduction will be maintained once refinance of the loan is complete?

1) refinance loan requested with incoming bank is for the same amount as the split accounts as they sit currently.
2) it’s a lift and shift of same loan amount but with another financial institution on the Investment Loan of same type.

 

Nope
Probably let your accountant know of the change in rate? Not sure, not an accountant myself, but from a finance perspective no

 

Thanks @Lindsay_W