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How long does it take to refinance?

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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:

1. Have all your paperwork ready to go

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:

  • Information about your existing home loan (loan term and fees)
  • Your most recent council rates notice
  • Recent repayment statements
  • Your Building Insurance Policy
  • Council-approved plans if you are refinancing to renovate

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.

2. Ask your broker about lenders that process quickly

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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3. Have a good credit rating and a steady income

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.

4. Get Approval Confidence™

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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Got a home loan question? Just ask!

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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.

Tags: interest rate, refinance, home loan, loan term

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Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856, Credit Representative 518849), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
Lendi is a privately owned and operated Aussie business. Our mission is to provide Aussies with the right experience when choosing a home loan from our panel of lenders including ClickLoans, a related body corporate of Auscred Services. Although Lendi compares over 1600 products from over 35 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 40% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors. We have an independent and founder led board.
WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
EXAMPLE: This example is current as at 20th October 2016. A Click Loans Online Principal and Interest Loan of $150,000 over 25 years has monthly repayments of $767. This is calculated based on the interest rate of 3.69%, comparison rate of 3.69%, upfront fees of $0 and annual fees of $0.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
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