Internal refinance

An internal refinance may be required in some scenarios related to changes to the product, security or to the borrowers/guarantors of the loan. 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.

Some common examples where an internal refinance may be required include:  

• an increase on a loan that has a BSB starting with 183 (or previously 032)
• an increase on a construction loan
• adding a borrower to an existing loan 
  
• adding a security to an existing loan 
• an increase on a home loan which has guarantors. 

Generally, you won't be required to submit a discharge authority form for an internal refinance.  

When you submit the new application for the security property associated with the existing facility, a discharge will be actioned on your client’s behalf as part of the application process. 

If a partial discharge is required as part of the internal refinance, you will need to help your client complete a Discharge Authority form and notify the variations team to ensure this variation occurs simultaneously with the new application.

To request a partial discharge, email all necessary documents to the variations team inbox at mortgagevariations@macquarie.com.

Refer to our Technical and post-settlement variations reference guide for more information on the documents required. 

The partial discharge will also be subject to a credit assessment based on the remaining security property. See Partial discharges for more information.