Back to Guides
Why does refinancing require a new application review?
Replacing an agreement involves another provider decision and another set of terms.
An existing repayment record does not guarantee approval or preserve conditions from the old product.
Account for application, settlement and new-agreement costs before counting a benefit. Keep timing visible so the old obligation is not assumed to disappear before settlement is confirmed.
Understand your preliminary loan result
Definitions
- Security
- Asset or interest supporting an obligation under the agreement, with consequences determined by its terms and applicable law.
- Guarantor
- Person who takes on obligations described in a guarantee; the extent of liability must be read in that agreement.