How long does a refinance take?
Where the time goes
Application and document collection: one to five days, entirely dependent on how ready you are. Credit assessment: one to five days at most lenders, longer at busy times. Valuation: same day for automated, three to five days for a full inspection. Formal approval and document signing: two to five days. Discharge processing by the old lender: one to four weeks. Settlement booking: usually within a week of documents being complete on both sides. Add them up and three to five weeks is the honest expectation.
What you can control
Have every document ready before applying: identification, payslips or returns, statements for the current loan and every other debt, rates notice, and evidence for any cash out purpose. Sign documents the day they arrive. Return the discharge authority immediately, because the old lender's clock starts when they receive it. Respond to lender queries the same day. A file that sits waiting on the borrower for a week at each step doubles the timeline.
What you cannot
The old lender's discharge team. Lender turnaround times at peak periods. Valuer availability in regional areas. PEXA settlement slots. A specialist knows which lenders are running fast this month and which old lenders are slow to discharge, and plans the timeline around them.
Timing to a fixed rate expiry
To avoid break costs, settlement needs to land on or after the expiry date. Start the application six to eight weeks before, get formal approval, sign, and instruct the new lender to book settlement for the expiry date. If settlement slips a few days past expiry the loan simply sits on the revert rate briefly. If it lands before, break costs apply, so tell everyone the date.
Not sure which lender fits your situation?
Get help with refinancing situations
The refinances that get declined are the ones that fit a situation the lender does not like: a tax debt, a recent default, a separation, a high LVR. The right lender for that situation exists. We connect you with a finance specialist who knows which one.
Property Finance Help connects users with finance professionals who can help review the finance pathway for the property, loan purpose and lender policy fit.
Property Finance Help is a lead generation service, not a lender, broker, or financial adviser. All information on this website is general in nature and does not take into account your personal objectives, financial situation, or needs. Consider seeking independent professional advice before making any financial decision.
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