Fast Refinance: switch your home loan faster and save | Finder

Fast refinance

A fast refinance can save you time, money and headaches.

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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.

The step-by-step guide to home loan refinance

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:

  1. 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.
  2. Second, if time is of the essence, let your new lender know. They may be able to prioritise your application.
  3. 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

Data updated regularly
$
% p.a.
years
Name Product Interest Rate (p.a.) Comp. Rate^ Application Fee Ongoing Fees Maximum Insured LVR Amount Saved
Suncorp Home Package Plus Fixed
1.89%
2.85%
$0
$0 p.a.
80%
$61,167.02
Lock in a low fixed rate loan for two years and get the annual package fee waived in the first year. Available for borrowers with 20% deposits.
HSBC Fixed Rate Home Loan Package
1.88%
2.86%
$0
$390 p.a.
80%
$61,044.54
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.
UBank UHomeLoan Fixed
1.75%
2.22%
$0
$0 p.a.
80%
$64,892.81
This very low fixed rate is only available until 29 April 2021. Other conditions apply. A competitive fixed rate loan with no ongoing fees. Requires a 20% deposit
Westpac Flexi First Option Home Loan
2.29%
2.72%
$0
$8 p.a.
95%
$50,287.27
Up to $3,000 refinance cashback.
A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
St.George Fixed Rate Advantage Package
1.84%
3.38%
$0
$395 p.a.
80%
$61,977.38
Up to $4,000 refinance cashback
Borrowers with 20% deposits or equity can get this competitive fixed rate loan. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
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