A fast refinance can save you time, money and headaches.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Refinancing your home loan can be a slow process. Even when a new lender accepts your application your old lender has very little motivation to move quickly. For every day you’re still on your old home loan, they’re making money in interest. The opposite holds true for you: the faster you can refinance, the more you'll probably save.
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.
Why should I choose a fast refinance?
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.
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.
What if my lender doesn’t offer fast refinance?
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.
Looking to refinance? Compare your options
eChoice is an award-winning broker with over 18 years of experience, and has helped more than 50,000 Australians to find the right home loan.
- Completely free, expert home loan advice.
- Offers a suite of digital tools to make you a smarter borrower.
- Calculate your borrowing power with a free personalised home loan report.
Technology Platform of the Year 2016
Australian Broking Awards
More guides on Finder
PayActiv Earned Wage Access
Learn more about how PayActiv's Earned Wage Access service can help you access up to $500 of your paycheque for a $5 fee charged fortnightly (only if you access your wage before payday).
Used car values: what helps a car retain its value?
Gumtree reveals data that could help used and new car buyers save money
Upcoming hybrid and electric car comparison
Compare soon-to-launch electric and hybrid cars.
Treadmill removal services
Here’s how you can ensure your treadmill is moved safely and at a convenient time.
Afterpay hangover? Beware of impact on home loan approval
Off the back of Christmas spending, a finance expert has warned that your Afterpay habits could negatively impact your home loan application.
Steam mop Finder: The ins and outs of buying a steam mop for you home
Steam mops are an effective way to clean your floors and other parts of your home. Find out how to compare models and choose the right one for you.
Are you better off putting $10k in your home loan or in super?
Our experts crunch the numbers to help you work out the best place to park your money: is it your mortgage or your super fund?
Christmas comedown: 1 in 4 Aussies worried about housing costs
One in four (25%) Australians are worried about how they will pay the rent or mortgage after Christmas, according to new research by Finder, Australia’s most visited comparison site. Find out how the Finder App can help save you money in 2021.
What is a redraw facility?
Here's what borrowers need to know about home loans with redraw facilities.
BYO modem NBN plans
Bringing your own modem across when you sign up to a new NBN plan could save you a couple hundred dollars.
Ask an Expert