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What are the requirements for a Mid-Term Refinance?

Answer:

The requirements for refinancing an existing loan before its maturity differ between Commercial and Consumer applications.

Commercial Lending:

  • Assessment Path: Available under Streamline only.

  • Income Verification: Requires 6 months of business bank statements to be verified via Illion (bank statement analysis).

  • Existing Loan Details: A current loan statement is required. If the existing loan repayments are not clearly visible on the submitted bank statements, this statement is mandatory to confirm the debt being refinanced.

Consumer Lending:

  • Documentation: The application must include:

    • The previous loan statement.

    • A payout letter from the current lender.

  • Key Condition: The refinance must be demonstrably financially beneficial to the customer. This typically requires evidence of reduced repayments, a lower interest rate, or improved loan terms.