What Documents Do You Actually Need to Refinance?
You'll need proof of income, identification, recent loan statements, and current property valuation information. Lenders want to see your financial position now, not what it looked like when you first bought. The documents you gather upfront determine how quickly your refinance application moves through assessment.
Most applications stall because something's missing or outdated. A payslip from three months ago won't work. Your bank statements need to show the last 90 days of transactions. If you're self-employed, lenders expect two years of tax returns plus your latest business activity statement. That's not negotiable, and finding out halfway through that you're missing a document adds weeks to the process.
Consider someone refinancing a terrace near Addison Road. They've been in the property for six years, their fixed rate just ended, and they're now sitting on a rate that's costing them hundreds more each month. They find a lower rate, start the application, then realise their most recent payslip is in a filing cabinet somewhere and their accountant hasn't finalised last year's tax return. What should've taken three weeks turns into two months, and they're paying that higher rate the entire time.
Income Verification for Employed Borrowers
Lenders need your two most recent payslips and your latest tax assessment notice. If you've changed jobs in the past 12 months, they'll want confirmation of your current employment in writing from your employer. Some lenders will accept a contract or letter on company letterhead. Others want to see payslips that cover the probation period.
If you're receiving rental income from an investment property, bring a copy of the lease agreement and bank statements showing rent deposits. Lenders typically assess rental income at 80% of the actual amount to account for vacancies and maintenance. That calculation affects your borrowing capacity, so if rental income forms part of your serviceability, make sure those deposits are visible and consistent.
Documentation for Self-Employed Applicants
Self-employed applicants need two years of complete tax returns, including the full assessment notices from the ATO. If your accountant lodged the returns but you haven't received the notice of assessment yet, chase it down before you apply. Lenders won't accept a draft or a summary. They want the official ATO document.
You'll also need year-to-date profit and loss statements if you're applying outside tax time. If your business structure includes a trust or company, lenders will ask for financial statements for those entities as well. That might sound heavy, but it's standard for anyone operating through anything other than a sole trader structure. If you're a tradie working out of Marrickville with an ABN and a good run of contracts, your accountant should have most of this ready to go. Just give them a few days' notice.
Property Valuation and Loan Statements
You'll need statements for any loans secured against the property you're refinancing. That includes your current mortgage, any attached offset or redraw accounts, and any secondary loans like a car loan if it's linked. Lenders use these to calculate your exit costs and confirm your current loan balance.
Most lenders will organise a valuation themselves once your application's submitted, but if you've done recent renovations or if comparable sales in your street have lifted values, it's worth having those details on hand. A desktop valuation might come in lower than expected if the valuer doesn't have visibility of improvements. In Marrickville, where warehouse conversions and terrace extensions are common, that gap can be the difference between accessing equity or staying put.
Bank Statements and Living Expenses
Lenders need three months of statements for every account where your income lands or expenses leave. That includes savings accounts, everyday transaction accounts, and any credit cards you hold. They're looking at how you manage money, not just how much you earn. Regular savings habits help. Frequent overdrafts or dishonours don't.
If you've got subscriptions or regular payments that aren't obvious, be ready to explain them. A $200 weekly transfer to another account might look like a commitment to another person, but if it's actually going into an offset account or savings, just make that clear. Lenders assess your living expenses based on what they see, and they'll apply a benchmark if your statements don't reflect realistic costs. That benchmark is often higher than your actual spending, which can reduce how much you can borrow.
Identification and Supporting Documents
You'll need a current driver's licence or passport, plus a Medicare card or rates notice to satisfy identification requirements. If your name has changed due to marriage or other reasons, bring the relevant certificate. If you're refinancing jointly, both applicants need to provide ID.
If you're planning to access equity to fund another purchase or consolidate debt, lenders will ask for quotes or contracts showing how the funds will be used. That might be a purchase contract for an investment property, a quote from a builder, or statements showing the debts you're consolidating. The more specific you are, the less likely the lender is to reduce the amount they're willing to advance.
Why Preparing Documents Early Matters
A complete application moves faster and gives you room to compare offers properly. If you're coming off a fixed rate and your loan's about to revert to a higher variable rate, timing matters. Submitting an incomplete application means you're either stuck waiting or accepting the first approval that comes through, even if it's not the most suitable option.
In our experience, applications with everything attached upfront are assessed within a week. Applications that drip-feed documents can take a month or more, and by then the rate you were quoted might've changed or the lender's policy might've shifted. If you're refinancing to access funds for a time-sensitive purchase, that delay can cost you the opportunity.
Call one of our team or book an appointment at a time that works for you. We'll run through what you need based on your situation and make sure nothing's missing before we hit submit.
Frequently Asked Questions
What documents do I need to refinance if I'm employed?
You'll need your two most recent payslips, latest tax assessment notice, three months of bank statements, current loan statements, and identification such as a driver's licence and Medicare card. If you've changed jobs recently, lenders may also request an employment confirmation letter.
How long does refinancing take if I have all my documents ready?
A complete application with all documents attached is typically assessed within one week. Applications missing documents or requiring follow-up information can take a month or longer, depending on how quickly you can provide what's needed.
What documents do self-employed borrowers need for refinancing?
Self-employed applicants need two years of full tax returns with ATO assessment notices, year-to-date profit and loss statements, and financial statements for any trust or company structures. Your accountant should have most of these documents available if your returns are up to date.
Do lenders check my bank statements when refinancing?
Yes, lenders require three months of statements for all accounts to assess your living expenses and how you manage money. They look for regular savings patterns, consistent income deposits, and any commitments like loan repayments or recurring payments.
What happens if I'm missing a document during the refinance process?
Missing documents delay your application and can extend the approval timeline by several weeks. In some cases, if you're refinancing due to a fixed rate expiry, the delay may mean you miss out on a rate offer or end up paying a higher rate for longer.
