How Long Does It Take to Refinance a Home Loan?
Most refinances settle two to four weeks after the application is lodged. The process has six steps, and for most of them you are waiting on a lender, a valuer or the outgoing bank rather than doing anything yourself.
What Is the Step-by-Step Refinance Timeline?
| Step | What happens | Typical time |
|---|---|---|
| 1. Rate review | Current loan compared against 50+ lenders; reprice requested from your existing lender | Same day to a few days |
| 2. Documents and application | ID, income evidence and loan statements collected; application lodged | 1 to 3 days |
| 3. Valuation | Desktop, kerbside or full inspection ordered by the new lender | Same day to 1 week |
| 4. Assessment and approval | Lender verifies income, expenses and credit, then issues formal approval | 2 days to 2 weeks |
| 5. Loan documents and discharge | You sign the new loan documents and a discharge authority for the old lender | About 1 to 2 weeks |
| 6. Settlement | New lender pays out the old loan electronically and the mortgage is re-registered | One day |
Times are typical for standard residential refinances and vary by lender workload.
The new lender is rarely the bottleneck. The slowest step is usually the discharge, which is your old lender processing the request to release the mortgage. They are not in a hurry to lose a customer, and some take their full allowed time. I lodge the discharge authority as early as the process permits and chase it, because that single step decides whether you settle in two weeks or five.
What Slows a Refinance Down?
- Missing or outdated documents. Payslips older than the lender accepts, or statements that do not show the account holder's name.
- Complex income. Self-employed, trust or company income takes longer to verify (see self-employed refinancing).
- Valuation issues. A full inspection needs access to the property, and a low result may need a rework (see low valuation on a refinance).
- Lender backlogs. Popular lenders running sharp offers can have assessment queues of a week or more.
- The outgoing lender's discharge process.
- Multiple properties or title changes, which add documents and checks.
How Can You Speed Up a Refinance?
- Have your documents ready before applying: photo ID, two recent payslips, the latest loan statements, recent statements for other debts, and a rates notice.
- Answer lender questions the same day they arrive.
- Sign and return loan documents and the discharge authority promptly.
- Give the valuer access quickly if an inspection is needed.
- Choose a lender with current turnaround times that suit your deadline. We see live processing times across lenders and factor them in.
Do You Have to Tell Your Current Lender You Are Leaving?
No. You sign a discharge authority and the new lender or its settlement agent lodges it. The old lender is then required to prepare a payout figure and release the mortgage at settlement. You may receive a retention call offering a better rate. That is worth hearing out, and it is the reason we normally request a reprice before the application rather than after. See repricing vs refinancing.
What Happens on Settlement Day?
Settlement is electronic. The new lender pays out the old loan, the old mortgage is removed from the title and the new one is registered. You do not need to attend. Afterward, repayments start with the new lender, and any direct debits, salary credits and offset accounts are set up on the new loan. We confirm the old loan is closed and any surplus funds have reached you.
When Should You Start If You Have a Deadline?
If a fixed term is ending, start about 90 days before expiry so settlement can be timed to the day. See what to do when your fixed rate is ending.
General information only. It does not take your objectives, financial situation or needs into account. All lending is subject to lender assessment and approval. Fees and figures are typical ranges at 14 November 2026 and can change. Lend & Loan, Australian Credit Licence 511092.
