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Refinancing / Process

How Long Does the Refinancing Process Take in Australia?

Most refinances settle within three to six weeks, but the range is wide — and the difference usually comes down to a handful of predictable bottlenecks, most of which you can plan around before you even apply.

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The Typical Timeline, Stage by Stage

  • Application and document submission: 1–3 days. Faster if your documents (payslips, ID, existing loan statements) are ready upfront.
  • Valuation: 1–7 days. Most lenders allow the mortgage broker to order a valuation early in the process; timing depends on the valuer's availability and access to the property.
  • Conditional approval: 1–5 business days after valuation and full documentation are received, assuming no follow-up items are requested.
  • Unconditional/formal approval: a further 2–5 business days once any outstanding conditions are satisfied.
  • Discharge of existing loan: 10–15 business days. This is initiated with your current lender once formal approval is issued, and is often the longest single stage.
  • Settlement: typically same-day once discharge and new loan documentation are finalised and aligned between both lenders.

Altogether, most straightforward refinances complete in 3–6 weeks from application to settlement — though more complex situations (self-employed income, multiple securities, or a slower-moving outgoing lender) can extend this to 8 weeks or more.

What Commonly Causes Delays

  • Valuation turnaround. Access issues, valuer availability, or a property in a lower-density area can push this stage out by a week or more.
  • Discharge authority processing. Some lenders process discharge requests quickly; others are notably slower. This is largely outside your control once the request is lodged, but it's worth knowing upfront if your current lender has a reputation for delays.
  • Incomplete or outdated documentation. Missing payslips, an out-of-date bank statement, or an unexplained large deposit in your accounts can trigger follow-up requests that add days or weeks.
  • Complex income structures. Self-employed applicants, or those with multiple income sources, often require additional verification steps that extend the approval stage.

How to Keep It Moving

The single biggest lever you control is document readiness.

Having your last two payslips, 90 days of bank statements, ID, and your existing loan statement ready before you apply removes the most common cause of delay entirely.

Responding quickly to any follow-up requests from your lender or broker keeps the remaining stages moving at their fastest pace.

Plan Your Refinance Timeline Properly

If timing matters — a fixed rate about to expire, a settlement date to coordinate — it's worth mapping out the realistic timeline before you start, not after.

Read the Full Refinancing Guide
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