What Is Fast Refinance?Fast refinance is a process that allows borrowers to refinance their loan to a new lender without the existing bank having the chance to slow down the process. Your lender benefits each day that you keep your home loan with them. By delaying everyone who discharges a loan by a week or two, they make significantly more in interest. With a fast refinance, however, your old bank doesn’t get a chance to hold things up. The new lender doesn’t ask them to provide the title of your property prior to advancing the funds; they deposit the funds directly into your old loan account and it is closed on the spot. In other words, once your loan has been approved and the loan offer is signed and returned, your refinance is completed within just a few days.
How Long Does Fast Refinance Take?It depends on whether you have all of your documents ready and the difficulty of your situation. In most cases, it will take up to three weeks. This is shorter than other refinance loans, which can take up to a month or more. With a fast refinance, urgent loans can be approved and settled by the banks in as little as two weeks.
Why Choose A Fast Refinance?With a fast refi, your new lender can certify your documents and electronically send the funds to your current bank, known as the Outgoing Financial Institution (OFI). This means that your refinance will be quick, simple and managed by your new lending institution, minimising the stress and complication involved.
There are many benefits of a fast refinance:
- No fees: Most lenders do not charge a fee for their fast refinance process.
- Settle quickly: Once documents have been received and certified, you can have your fast refinance approved in as little as two days. This means your loan would take three weeks from the time you apply to when it is advanced.
- Save on interest: Refinancing to a new loan with lower interest rates will save you money.
- No complex paperwork: Your new bank will contact your current bank and organise your new loan, taking care of most of the work for you.
Call us on 1300 889 743 or enquire online to find out which banks can help you with a fast refi loan.
Will I Qualify For A Rapid Refinance Loan?
Some lenders restrict the types of borrowers who can apply for this loan.
To be eligible for a fast refi:
- You cannot be borrowing for a property that is on Old System Title or Company Title.
- Your current loan must be on either a variable rate, fixed rate (some restrictions apply) or line of credit (some restrictions apply).
- The property that is security for the loan must not have any restrictions on it such as caveats.
- You cannot have any existing debts linked to your loan i.e. a business loan secured by your property. These debts need to be repaid.
- The amount that you are refinancing on your loan must meet the bank’s lending guidelines. Some small loan amounts will not be eligible to be refinanced under this product.
Get The Lowest Refinance Interest RatesWhen choosing a fast refinance loan product, you must look for a bank with the lowest rates. After all, that is the whole point of refinancing! So which lender offers the cheapest interest rates? Our mortgage brokers have the latest figures available to them as they change. This means that we know which lenders could save you thousands of dollars over the life of your loan.
What Will I Need To Provide?
Each lender has different documentation requirements. However, most lenders will generally request:
- Three months’ worth of bank statements, with the latest statement being less than 60 days from settlement.
- A figure which details your existing loan amount.
- Completed loan documents with updated loan figure.
If you would like to apply for a fast refinance loan please speak to us on 1300 889 743 or enquire online today and we can help you refinance with a lender that will offer you the most competitive rates!
Are There Any Fees For A Fast Refi?
Due to the nature of this loan product and its fast approval rate, some banks and lending institutions will charge a fee.
Others will charge an application fee, a discharge fee and settlement fee.
However, we which major banks have none at all! This is because the banks obtain title insurance and pay the fees themselves.
To apply for a fee-free fast refinance home loan, please call us on 1300 889 743 or enquire online today!
Which Lenders Offer Fast Refinance?Not all lenders have a fast refinance product. This is why it is important to speak to a mortgage broker who knows where you can apply for this loan type and get approval within just three weeks. The following lenders offer a fast refinance loan:
|Max Loan Size
|Less than $1 million (No more than $100k cashout)
What If My Lender Doesn’t Offer A Fast Refinance?If your lender doesn’t offer you this option, it might be because of your specific circumstances. For example, it might be a problem with the title on your property or the transition between the type of loan or lender. However, there are some things you can do to help speed up the process of refinancing your home:
- Before you apply, make sure you have all the necessary documents ready. This will save you time from having to go back and forth getting information from others.
- If you need your loan processed quickly, let your new lender know. They may be able to prioritise your application.
- Make sure to keep in touch with your old lender to make sure the process is going on time and smoothly.
Refinancing To An Interest-In-Advance Loan
If you are a property investor and want to take advantage of tax deductions this financial year, consider refinancing to a fixed rate interest in advance home loan.Some lenders offer generous discounts when you prepay your interest before the end of the financial year. A fast refinance allows you to beat the 30 June deadline without your current lender delaying refinance, even if the end of the financial year is not far away. This means that you can get attractive tax deductions, and refinance to a better interest rate. This seasonal loan product is popular from April-June.
Can I Fast Refi Using A Low-Doc Loan?Yes. If you want to refinance your existing full-doc home loan but do not have the documentation, you can get a low-doc refinance loan. This is an excellent product for self-employed individuals who may struggle to prove their earnings. You may be eligible to borrow up to 80% of the property value.
The banks have various requirements relating to this loan type, so please read our refinancing with a low doc loan page for more information about what you need to provide.
Tips For Refinancing
Thinking of home refinancing? There are a few things you may want to take into consideration before doing so:
- Some fees may be applicable: finding out which banks charge minimal for their fast refinance loans is important. Ideally, seek a bank that charges no fees. This will minimise the associated costs of your new loan.
- Have your documents ready: this way, you will be ready to apply for a fast refi and it can then get approved within a few days.
- Decide what you want: a fast refinance loan is a simple solution to high interest rates and unaffordable loan packages. Even though you are switching banks, it might be more beneficial in the long run and could end up saving you more money.
Refinance Your Home Loan Today!If you want an outstanding home loan with the best rates on the market, get a fast refi loan today! You can save thousands in interest by switching to a lender offering a more competitive loan package.
Call us on 1300 889 743 or enquire online to apply for your fast refinance home loan today!