“What Does Fast Refinance Really Mean?”

Fast refinance allows you to switch your loan to a new lender without delays from your current bank With fast refinance, the new lender doesn’t wait for the title of your property from the old bank—instead, they deposit the funds directly into your existing loan account, closing it immediately.

“How Quickly Can Fast Refinance Be Completed?”

The time it takes for a fast refinance depends on how quickly you have your documents ready and the complexity of your situation. ‘All lenders have different turnaround times’

“Why opt for a Fast Refinance?

With a fast refinance, your new lender can quickly verify your documents and electronically transfer funds to your current bank (Outgoing Financial Institution). This streamlined process makes refinancing fast, simple, and stress-free, all handled by your new lender.

Here are some key benefits of fast refinance:

• No fees: Most lenders offer fast refinance with no extra fees.
• Quick settlement: Once your documents are certified, approval can happen in as little as two days, ‘making the entire process faster then an average refinance’.
• Save on interest: Refinancing a loan with a lower interest rate helps you save money.
• Minimal paperwork: Your new bank takes care of most of the work, contacting your current bank to organize the refinance.

“Am I Eligible for a Rapid Refinance Loan?”

To qualify for a fast refinance, there are a few key requirements:

• The property cannot be on Old System Title or Company Title.
• Your current loan must be a variable rate, fixed-rate (with some restrictions), or line of credit (with some restrictions).
• The property securing the loan must be free of any restrictions like caveats.
• You cannot have existing debts tied to your loan, such as a business loan secured by your property. These debts need to be cleared.
• The amount you’re refinancing must meet the bank’s lending guidelines. Smaller loan amounts may not qualify for this product.

“What Documents Are Required for a Fast Refinance?”

Lenders may have varying documentation requirements, but typically, you’ll be asked for:

• Three months of bank statements, with the most recent one dated within 60 days of settlement.
• A statement showing your current loan balance.

“Exploring Interest-In-Advance Loan Refinancing: What You Need to Know”

If you’re a property investor looking to make the most of tax deductions this financial year, refinancing to a fixed-rate interest-in-advance home loan could be the solution.

Many lenders offer great discounts when you prepay your interest before the financial year ends.

Disclaimer- seek advice from an accountant to ensure this meets the customer’s needs.

“Can You Fast Refinance with a Low-Doc Loan?”

Yes, you can! If you’re looking to refinance your full-doc home loan but lack the necessary paperwork, a low-doc refinance loan could be the solution.

self-employed individuals who do not receive salary credits or payslips. You could qualify to borrow up to 80% of your property’s value.