Article published 06 July 2021
The process to refinance works in a similar way as applying for your original loan and therefore refinancing on average can generally take 4-8 weeks in total. Of course, the process can vary based on your individual situation and some lenders may even be able to offer a “FASTRefi®”.1
If eligible, a fast refi can speed up the time it takes to refinance your home loan. A fast refi works by using title insurance2 to allow lenders to payout your loan account without waiting for your existing lender to process the discharge. While this reduces the time it takes to refinance your loan, your lender is still obligated to make reasonable inquiries about your requirements and reasons for refinancing your existing home loan as well as determine and verify your financial situation in the process. It is of course important to understand that not all lenders are able to offer a fast refi and you may not be eligible.
To find out more about fast refinance options, it is best to speak with your local Mortgage Choice broker, who can go through your situation and help you get the right deal.