How long does it take to refinance your home loan?
Around 4-6 weeks, depending on your situation.
Refinancing your home loan is simply the process of transferring your existing loan to another lender. During this process, you’ll need to apply for a new loan with the new lender so they can set up your loan account. Luckily for you, you’ve already been through these steps before, so you know what to expect!
Steps to refinance:
- Get all your documentation ready
- Get pre-approval from the new lender
- Apply for the loan
- Get your home valued
- Receive approval (hopefully)
- Settle your new loan and close your old account
If you have a standard application process, you could reach settlement in 4-6 weeks. Remember, everyone’s circumstances are unique, so it could take longer, or it could even be quicker.
Ready to refinance your home loan? Check out our beginner’s guide to refinancing your home loan to understand the ins & outs of the refinancing process.
Want to learn more about refinancing? Head over to the Learning Hub for more tips and tricks.