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Refinancing your home loan can be a slow process. You often have to wait for your old lender to discharge your loan. This can take weeks. Fast refinancing is a way your new lender cuts your old lender out of the picture in order to get your new home loan quicker. Instead of waiting on the title to your property, a lender offering a fast refinance will release funds directly to your old loan account and have it closed immediately.
The entire process of a fast refinance can take as little as two weeks from initial application to settlement.
Which lenders offer fast refinance?
Many lenders offer a fast refinance option for qualified borrowers, a few of which you can see in the table below. Choosing one of these lenders for your refinance means you could start saving money sooner. Note that in order to speed up your refinancing process it helps to have financial and identification documents ready.
A fast refinance means you’ll be saving a significant amount in home loan interest. Moreover, lenders offering a fast refinance often don’t charge fees for the process.
In addition to saving money, you’ll save time and stress. Fast refinances mean less legwork for you. Your new lender will handle most of the work involved in getting the paperwork for your refinancing in order.
Learn how to refinance in under a fortnight with our free step-by-step refinancing guide
You'll receive exclusive tips from Finder's refinance experts straight to your inbox.
What do I need to provide?
To refinance your home loan as quickly as possible, you’ll want to have some documents in order before you apply for your new home loan. You’ll need details about your current home loan, including the outstanding loan amount. You’ll also need to provide three months of bank statements.
In order to qualify for a fast refinance, you’ll also want to make sure your property’s title doesn’t have any caveats or restrictions on it and doesn’t have any other debt secured by it, such as a business loan. Also, if you’re in a fixed rate loan with your old lender, it’s unlikely you’ll qualify for a fast refinance within the fixed rate term.
If your lender doesn’t offer you this option, it may be because of your specific circumstances. It could be a problem with the title on your property or the the transition between the type of loan or lender.
However, there are some things you can do to help speed up your refinancing application:
First, make sure you have all the necessary documents ready before you apply. This will save you valuable time going back and forth fielding requests for more information.
Second, if time is of the essence, let your new lender know. They may be able to prioritise your application.
Finally, don’t be afraid to contact your old lender and make sure the process is moving in a timely fashion. Let them know you’re paying attention and haven’t forgotten that every day that goes by is a day that costs you more money.
Even if you’re not eligible for a fast refinance, refinancing can still be a great option. Even if it takes a bit longer to get your new home loan, you could save many thousands of dollars in the years to come.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Adam Smith was the home loans editor at Finder. Prior to joining Finder he was the editor at Australian Broker where he had been writing about home loans since 2010.
Knowing just how much equity you have in your home before you start looking to refinance a home loan is crucial. If you don't have enough equity you might have to pay for LMI again or get stuck with a higher rate.
When you have bad credit it can be harder when refinancing. Home loans are available even with bad credit though – find out how you can refinance today.
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