Why choose a fast refinance?

Refinancing with some lenders can be difficult.

Your existing bank can delay the refinance which can stop you from purchasing another property or releasing equity in time for what you need it for.

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 see if you can refinance your home loan quickly.

What is a fast refinance?

A fast refinance is a process that allows borrowers to refinance their loan to a new lender, without the chance for your existing bank to slow the process down.

Your bank 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 your old bank doesn’t get a chance to do hold things up. The new lender doesn’t ask them to provide the title of your property prior to advancing the funds; they simply 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 signed and returned then your refinance is completed within just a few days.

How long will it take?

This all depends on how fast you are with getting us your documents and how difficult your situation is.

In most cases, it will take up to three weeks. This is shorter than other refinance loans that can take up to a month or more to be advanced.

However, urgent loans with a fast refinance can be approved and settled by the banks in as little as two weeks.

Why get a fast refi?

A loan refinance can be great for those that want the most competitive interest rates on the market.

However, arranging this takes a considerable amount of time! First you have to get a discharge agreement from your bank which can take weeks to organise.

Then you face a complicated approval process, in which most banks request a plethora of documentation.

With a fast refi, your new lender can certify your documents and then 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.

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 have restrictions on 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 rates!

When you choose a fast refinance loan product it is important that you look for a bank that has 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 around!

Are there any fees for 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 bank obtains title insurance and pays the fee’s 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 which lender offers this loan type and can approve you within just three weeks.

The following lenders offer a fast refinance loan:

  • St. George Fast refi.
  • Westpac Priority Refinance (XRO).
  • Other banks use the term “Fast Refinance”.

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 also offer generous discounts when you pre-pay your interest before the end of the financial year.

A fast refinance allows you to quickly beat the June 30th deadline without your current lender delaying refinance.

This means that you can get attractive tax deductions, as well as refinancing to a better interest rate.

This is a seasonal loan product that is popular from April-June, so don’t miss out and apply now!

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 to do so, you can get a low doc refinance loan.

This is a great product for self-employed individuals who may have a tough time proving 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 mortgage today!

If you want a great home loan with the best rates on the market, get a fast refi loan today!

You can end up saving thousands in interest by switching a lender that offers a more competitive loan package.

Call us on 1300 889 743 or enquire online to apply for your fast refinance home loan today!

  • Robbie M

    At what point in time after getting a home loan will it be ideal to start to consider refinancing?

  • Hi Robbie,

    Four or five years into getting a home loan is generally when many people start to consider refinancing. This is when people start to review their home loans and their financial situation as well. However, even if it’s only been two years since you got your mortgage, you may already be paying a higher rate. So, it may be a good idea to review your loan every two years and try to negotiate your interest rate to that of what the lender is offering to their new clients.
    You can find out more about this here:

  • Carolina

    How long does the lender generally takes for a refinance? I’ve heard there’s a fast refinance as well, how quick is it compared to the normal one?

  • Hi Carolina,

    The time that any lender would take depends on their service levels and also highly dependent on your existing lender that needs to discharge the title. A fast refinance allows you to refinance your home loan to a new lender without actually getting slowed down by your existing bank.

    The longer you stay with your current bank, the more they benefit because they are receiving interest. This is why most banks try to delay the refinancing process and slow things down. Fast refinance allows you to avoid this delay.

    If you get a fast refinance you can get your funds through your new lender electronically sent at your current bank once your documents are certified.

  • Amber W

    I need to refinance at 90% to pay out guarantor and cash out for paying Part 9 debt agreement. Also I lost my job few months back and missed a repayment.

  • Hey Amber,

    If you can wait another 2 or so months and re-apply with no arrears showing in the last 6 months then it will be easier to get approval. However, if you’d like to get the loan asap then we may have to seek an exception. Please speak with an expert mortgage broker about this by calling 1300 889 743.

  • Marion B

    Hi, how much will it cost overall to refinance a home loan?

  • Hey Marion.
    There are various costs involved in refinancing your home loan but generally speaking, they are minimal compared to the thousands of dollars that you can potentially save on interest and other fees over the life of the loan. Please check out this page to read about this in detail, under the “How much does it cost to refinance?” heading under the “About Refinancing” section:

  • M Hedrick

    Can your brokers help me refinance my home loan with another lender? I’m paying way too much and found a better rate.

  • Yes, we can help you refinance. However, please be sure to discuss things clearly before you finalise your decision as we may be able to find you a better option. Please call 1300 889 743 to speak with one of our exoert refinancing specilalists.

  • Oskara

    I’m living and working in Darwin and I’m planning to buy a property in Fannie Bay for $500,000. I recently read in a mortgage magazine that banks have restrictions lending in inner city suburbs. Will this policy affect me?

  • Harrius

    I have a mortgage with St George and am planning to refinance it with CBA. They are also financing my new investment property purchase. I want to complete the refinance as soon as possible, how long do you think they will take?

  • Hi Harrius,
    A few lenders have a quick refinance process and it’s known as ‘Fast Refinance’. With this, borrowers are able to refinance their loan to a new lender without the chance for your existing bank to slow the process down and could be completed in as little as two days. Usually, your new bank will contact your current bank and organise your new loan. You could select fast refinance while applying for them and they’ll take care of it.

  • Alexandria

    HI there, Westpac says they are going to do an XRO for my loan, is that a fast refinance?

  • Hi Alexandria,
    Yes, Westpac’s XRO Priority Refinance is a process that enables a refinance to take place within days (not weeks) and with no attended settlement. It is a quick and efficient refinance process for eligible borrowers at no extra cost. Please note that a discharge authority must not be sent to the outgoing financial institution (OFI) as it prevents them from dragging their feet.