Quick question - fastest turnaround for a REFINANCE

[Jake D]

Hi Investors and Brokers and whoever else.

A friend of mine wants to refinance their PPOR loan. Wants the new one to have IO and Offset.

One full time income, one part time.

Wants to get it over the line ASAP as the part timer wants to quit to study.

The question. Which bank should they pick to get the deal over the line quick. And what time frame can be expected? Friday this week? Friday next week?

TIA

 

[Mick C]

Standard refinance takes 1-1.5 month ( 4-7 weeks)

If they want a quick refinance than they will need to consider banks that allows for "fast refin" which will shorten the whole refinance process down to 2.5 week roughly.

Some banks that offer fast refin
-Homeside
- NAB
- Advantage
-ANZ
- St George/ Bank Sa/ BOM
-Firtmac
- Westpac

Note: if your frd is planning on quitting her part time job and go back to study, as part of full disclosure and responsible lending your frd/broker/banker should take this in consideration + disclose this to the bank either way.

 

[Aaron_C]

With fast refi and assuming it all goes through smoothly with approvals/vals/docs it can take about 2-3 weeks at best.

 

[Jake D]

Thanks guys.

 

[speary]

If you are going down the fast re-fi path with Homeside, make sure they send of the re-fi docs to your current lender as soon as they receive them back signed from you. We tried this and Homeside sent the docs the day before settlement. Needless to say it wasn't a very fast refi!

 

[Jake D]

If you are going down the fast re-fi path with Homeside, make sure they send of the re-fi docs to your current lender as soon as they receive them back signed from you. We tried this and Homeside sent the docs the day before settlement. Needless to say it wasn't a very fast refi!

I have a feeling this friend wants to go it alone, so won't be going with Homeside (ie, through a broker). Thanks for the heads up though, probably valid for all lenders.

 

[Jamie M]

If you are going down the fast re-fi path with Homeside, make sure they send of the re-fi docs to your current lender as soon as they receive them back signed from you. We tried this and Homeside sent the docs the day before settlement. Needless to say it wasn't a very fast refi!

The broker (if it's homeside) should send off the outgoing lenders discharge form as soon as possible.

Cheers

Jamie