Every situation, application, and lender is different, so until you begin working with your chosen lender you can't be sure how long the refinancing process will take.
However, there are some things you can do to streamline the process so you get your results as quickly as possible.
It can take anywhere from a few days to six weeks or more to refinance. The timeline is different with every lender.
There are a number of other factors that can influence how fast the process is for you, including:
How quickly you submit your required documentation
The level of detail in your application
The strength of your application, for example your credit score
How fast your lender reviews your application
Being aware of what can hold up the refinancing process for you can help you plan and avoid any pitfalls. Some of the common factors that might make the refinancing process longer for you include:
Making errors in your refinancing application
Forgetting to submit all your necessary documentation
Your lender might request additional documentation than what was originally anticipated
The best chance of making sure your refinancing experience is speedy is to present yourself as the ideal applicant. Here are a few tips to help you do this:
Work with your home loan manager to make sure your application is error-free
Have all your documentation ready to send
Have a good credit rating and steady income
Remember, even when your application is perfect, delays can still happen. If quick refinancing is important to you, speak to one of our home loan managers for tips.
There is no fixed rule for how often you can refinance your home. It comes down to whenever is right for your unique situation and there are a few key factors to keep in mind, including:
The costs of refinancing
How soon you're likely to see benefits from refinancing
Which new deals on rates, loan terms and fees are available on the market
The end date of your fixed loan period
Refinancing can be a great money-saving solution for when your circumstances change or you feel you're not getting the best rate. However, always do your due diligence on costs versus savings before committing to a new loan.
Refinancing could save you money or give you greater financial flexibility, but there are costs involved. It's important to understand these to be certain that refinancing is a smart financial choice for you.
Ready to refinance?