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How long does it take to refinance a home loan?

It depends. Typically, refinancing is completed in 45-60 days however it can be much quicker with FASTRefi. This process allows lenders and customers to refinance their home loan in days instead of weeks. If your current lender is a participant, using FASTRefi means you can enjoy the benefits of your new loan sooner.

The 5 main steps in refinancing are: application, approval, contract, settlement, payment.

Our online application process will take you about 15 minutes to complete. After which, we’ll be able to let you know whether your refinancing application has been approved — or declined.
Our process is fast, however it depends on the complexity of your application (and whether we need any additional information, such as updated payslips or a bank statement) and the number of applications we're processing at the time.

Our fastest fully-approved applicant - from the time their application was submitted (including assessment, verification, and running all our digital checks) was 58 minutes. However, actual approval times depend on individual circumstances. Once you’re approved, we’ll send you a contract to sign.

Next is the final settlement and payment process.
This is where the money is transferred.

When refinancing, the money is transferred on the settlement date between loan providers (your current lender and Tiimely Home). The settlement date is when both banks have everything they need to transfer the loan. This can take up to 3 weeks and is generally arranged between our solicitor/conveyancer and your current bank’s settlement department.

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Legal information about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Tiimely Turnaround
^Our turnaround times are up to 2x faster than the industry, based on a comparison of our average platform submit to approval time compared to industry submit to approval time, published here  (June 2023). Customer turnaround times are dependent on individual circumstances and may require an assessor to obtain more information.

Our trade mark
Tiimely is a registered trademark of Tiimely Pty Ltd.

Tiimely FAQs and Guides
At Tiimely Home we are not financial advisers and recommend seeking independent financial and legal advice to check how the information we provide aligns with your individual circumstances.