The process of refinancing a home loan varies for every homeowner. It’s important to give yourself enough time and refinance during a period where you aren’t too busy in your personal and professional life.
In some cases, refinancing can take as little as a week but depends on how fast you apply and upload your documents, and how quickly your chosen lender reviews your application.
Every situation, application and lender is different, meaning that you can never know for sure how long your loan application will take to be approved. One lender might decide to look more deeply into your bank statements than another one would. Lender application requirements can change too. For example, a lender might initially request 3 months of bank statements and then ask you for more.
If you need a faster settlement, it’s a good idea to ask your Home Loan Specialist. They can tell you which lenders are processing loans quickly at that point in time.
If you need to apply and get approved to refinance urgently, keep reading for some tips:
Just like when you applied for your initial home loan, lenders require a range of documents that outline your income, expenses, assets and liabilities. When refinancing, you will also need to include the following in your application:
Some lenders may require additional information, but they will let you know. When you apply online with Lendi, we’ll clearly outline what you need to provide and our Home Loan Specialists are on hand to answer your questions and help you through the process.
It’s easier to get it right the first time, so check that you are meeting the documentation requirements. As mentioned above, sometimes lenders will request additional information while assessing your application. This is hard to control and may lead to delays in your approval.
At Lendi, we have access to information about the average processing and approval times for lenders. Our Home Loan Specialists can suggest lenders that typically process and approve loan applications faster.
However, it’s important to understand that lender delays can still happen regardless of how quickly you submit your application.
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For borrowers who have a good credit rating, lenders may spend less time sifting through their bank statements. 3-6 months prior to applying to refinance, focus on improving your credit score by maintaining consistency on your repayments.
Lenders also like to see you maintain a steady income, make your repayments on time and regularly contribute to your savings. All of this paints you as a low-risk borrower whom the lender can rely on.
Lendi’s newly launched Approval Confidence™ is a free service that gives homeowners an indication of their home loan options and likelihood of being approved for a loan. Combining a borrower’s personal information and data from some of Australia’s biggest lenders and Lendi’s smart technology, borrowers can now discover their realistic home loan options within minutes.
After receiving a range of carefully curated home loan options that they are likely to be formally approved for, borrowers can begin the application process. Our Home Loan Specialists are on hand to help out throughout the entire process.
Lendi offers a fully comprehensive online home loan service allowing you to compare loan options, apply and get approved all online. This means no trips to the bank, no need to print copies of all your documents and you can apply anytime you like — not just during a bank’s trading hours.
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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.
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