An internal refinance may be required in some scenarios related to changes to the product, security or to the borrowers/guarantors of the loan.
Some common examples where an internal refinance may be required include:
To complete an internal refinance, all borrowers must be living in Australia with a current Australian residential address and considered an Australian resident for tax purposes.
An internal refinance is considered a new home loan application in ApplyOnline. However, care needs to be taken when inputting information on the ‘Securities’ tab. Follow these instructions:
Generally, your customer won't be required to submit a discharge authority form for an internal refinance, where there are no changes to the existing security structure.
When you submit the new application for the security property associated with the existing facility, a discharge will be actioned on your customer’s behalf as part of the application process.
In ApplyOnline, ensure you’ve input the correct BSB and account number of the Macquarie home loan, so our team know which mortgage is being discharged.
Where there’s a change to the security structure as part of an internal refinance, a partial discharge is typically required to make the initial change to the security structure. This needs to occur prior to, or simultaneously with, the internal refinance application.
Some examples of a change of security structure:
A partial discharge is required where there is at least one security property that is currently securing the home loan facility, although won’t be included in the internal refinance application. The partial discharge enables the security property to be released from Macquarie prior to the new facility settling (via the internal refinance application).
If a partial discharge is required as part of the internal refinance, you’ll need to send an email to mortgagevariations@macquarie.com, with:
Both the partial discharge and internal refinance are subject to credit approval.
It’s important your customer understands what happens to their offset accounts during an internal refinance, to ensure they maximise the benefit of their offset funds. They’ll need to be aware of what happens:
In preparation for the settlement of the internal refinance, our Personal Help Centre has information for your customer – including when the offset accounts will be delinked and converted to a transaction account leading into the discharge/settlement.
Once settlement of the new home loan occurs, your customer will need to contact us via live chat in Macquarie Online Banking or the Macquarie Mobile Banking app to re-link their offset accounts to the new home loan accounts.
If the transaction account hasn't been re-linked as an offset account, your customer’s home loan won't be offset by the funds in the transaction account.
View our Personal Help Centre to understand further what happens to an offset account when a home loan is discharged.
Once the internal refinance has settled, you’ll be able to view the new home loan facility on Broker Portal. See Check repayments, direct debits and home loan details after settlement for more information.
Once you’ve checked the details of the home loan, including any linked offset accounts (you’ll only see offset accounts if they’re linked), ensure you remind your customer to re-link their offset accounts if required.
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