Back to FAQs

How long does it take to refinance a home loan?

Refinancing usually happens within a 60 day period from start to finish. There are 5 main steps to refinancing: application, approval, contract, settlement, payment.

When you apply online your application process will take you about 15 mins to complete. Once completed we'll tell you whether or not your refinancing application is approved — or declined. Generally, this is pretty quick, but it will depend on the complexity of your application and the number of applications we are processing at the time. The quickest we've ever fully approved an applicant from the time they submitted their application was 58 minutes. However, customer turnaround times are very dependent on individual circumstances. Once you are approved we will send over a contract for you so you can sign.

Next is the final settlement and payment process. This is where the money changes hands. When you are refinancing, the money is transferred between loan providers (your current lender and Tiimely Home) on the settlement date. The settlement date depends on when both banks have everything they need to transfer the loan. This is generally worked out by our solicitor/conveyancer and your current bank’s settlement department. It can take up to 3 weeks.

Found in:

  • Refinancing

Found in:

Legal things 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.