Welcome to FASTRefi®

A streamlined refinancing solution that's faster and simpler than the traditional process.

FASTRefi® allows you to gain access to your new loan in days, rather than weeks.

In a traditional refinance you'd be required to arrange settlement with your outgoing lender (known as the Outgoing Financial Institution, or OFI) which can take several weeks and plenty of paperwork. FASTRefi® enables the ougoing lender's loan to be paid out prior to settlement so your experience is streamlined. The process is managed by your new lender and the results are the same - simply faster!

Why FASTRefi®?

It's faster

Access your new loan terms and funds much sooner

It's easy

Your new lender handles the process for you

It has no extra fees

FASTRefi® costs borrowers no more than a standard refinance

It provides certainty

Have assurance of when your new loan will be activated

It's trusted

Thousands of people use FASTRefi® each month

How does FASTRefi® work?

Step 1.
Loan Application & Approval
Step 2.
Signing the Loan Documentation
Step 3.
Activation of Your New Loan
Step 4.
Settlement of Your Old Loan
Step 1. Loan Application & Approval
  • Complete your home loan application form and documentation as normal with your lender or broker.
  • Once your loan has been assessed and approved, your lender will send you the loan documentation pack.
Step 2. Signing the Loan Documentation
Your loan documentation pack will include two FASTRefi® forms, the Borrower’s Acknowledgement, Undertaking and Payout Advice (BAUPA) form and the Irrevocable Authority form. It’s important that these two forms are completed accurately and returned with your other loan documents. There are instructions on each form to help you.
Download Sample Form
Tips:
  • It’s essential to disclose ALL loans linked to the mortgage securing your current loan. This includes business loans, investment loans and guarantees.
  • Complete the forms accurately. Inaccurate information provided may lead to delays or additional funds being requested from you to settle your old loan. We may contact you for updated balances if there are any delays.
  • The sooner you return your signed loan documents, the sooner your lender can kickstart the FASTRefi® process.
  • Do not send the Discharge Authority to your existing lender. Sign and return it with the loan documents – your new lender will handle this step for you.
Important actions you need to take now:
  • Cancel ALL direct debits linked to your old loan account
  • Do not redraw any funds from the old loan account as we are using the current loan balance to calculate the payout figure needed to close your old loan.
  • If the loan being refinanced is a line of credit, you should not draw any additional funds from the account.
  • Continue paying your loan repayments until notified otherwise.
Step 3. Activation of Your New Loan
Once your lender has verified the signed documents you have returned, they are ready to activate your new loan. To ensure the old loan is paid out in full, your lender calculates an estimated payment to cover your old loan balance, accrued interest and fees.

After the payment is made to your old lender, your new loan is activated. You will begin to enjoy the features of your new loan and be able to access any additional funds if applicable.
How is the estimated payout figure calculated?
The payout figure is made up of:
+ The current loan balance
+ One month’s average loan repayment
+ One month’s interest
+ The outgoing lender’s estimated discharge fee of $350
+ $500 buffer to cover any other fees and charges
Tips:
  • The estimated payout figure will appear higher than your current loan balance so that interest charges and fees up to the date of payout will be fully paid.
  • The buffer amount is included to help cover any unforeseen charges from your old loan.
  • The buffer is not a fee. Any surplus funds from the payment to your old loan will be returned to you following settlement (after Step 4).
Step 4. Settlement of Your Old Loan
The final step in the process is settlement of the loan with your old lender. This is where we transfer the mortgage from your old lender to your new lender.

When settlement is completed, your old lender will automatically transfer any surplus funds to the account you nominated. Settlement can take a few weeks for your old lender to complete.
Tips:
  • Still seeing your old loan account in your online banking? There’s no need to worry if you notice interest accumulating on both your old and new loan accounts, as the interest charges on your old loan will be backdated to when the payment was made to it.
  • Watch your nominated account for any surplus funds being returned to you.
  • To check the final interest charges and fees for your old loan, you can check the closed accounts in your old lender’s internet banking.
  • Your old lender will send you a final statement once your account is closed. The statement will show the balance paid out, plus any interest or fees charged. You may receive the statement in the mail or through your internet banking.

Frequently Asked Questions:

Are all loans eligible for FASTRefi®?
The majority of loans are able to use FASTRefi®, however there are a few loans that are not eligible as detailed below:
  • Loan is a construction loan with progressive draw-downs outstanding
  • Security Property is Native Title, Company Title, Old System Title or Moiety Title (SA)
  • There is a lease on title which will prevent a mortgage being registered in first priority
How much does it cost me to refinance using the FASTRefi® process?
There are no additional costs for you to process a refinance using FASTRefi®.
Is there any extra work I need to do for for FASTRefi®?
There are two additional forms that you need to complete and sign for FASTRefi®. These forms will be included with the other home loan documents. These forms are:
  • Borrower’s Acknowledgment, Undertaking and Payout Advice (BAUPA)
  • Irrevocable Authority
Instructions on how to complete these two forms are included on the forms. There are also sample completed forms here. It is important that you complete these forms as accurately and quickly as possible.
What are surplus funds?
Surplus funds are the funds that the Outgoing Lender doesn’t use to payout the existing loan. These funds will automatically be returned to your nominated account by the Outgoing Lender after settlement.
What are the benefits of using FASTRefi®?
  1. Your refinance process is much faster than a traditional refinance as you can receive your funds within days of returning signed loan documents.
  2. You can access the features of your new loan much faster, such as a lower interest rate– meaning you can save money.
  3. You will receive any surplus funds if applicable much faster.
  4. You will have certainty of date for when your new loan will be available.
What is a shortfall of funds?
Normally the buffer amount above is adequate to payout the outgoing lender, however in some instances there may still be an amount outstanding. This is referred to as a shortfall. Shortfalls usually occur when you have forgotten to disclose all debts linked to the security property, redrawn funds or have not cancelled direct debits processed on the account.
How is the payout figure calculated?
Example payout figure calculation below:
 
What is FASTRefi®?
FASTRefi® is a process that allows a refinance to occur very quickly after loan documents have been signed (usually within days rather than weeks) without the need to arrange a settlement with the Outgoing Financial Institution (OFI)
What is the buffer?

As FASTRefi® doesn’t require us to attend settlement with the Outgoing Lender(s), we need to ensure that we send enough funds to payout the entire loan.

A buffer is an amount that we add to each payout figure. This helps to ensure we payout the loan amount in full.

Any surplus amount will be returned to you once settlement of your old loan is completed.

Why can I still see my old loan account?
There’s no need for you to worry if you notice interest accumulating on both your old loan and new loan accounts. The interest charges on the old loan will be backdated to when the loan payment was made to it.

Your old lender will send you a final statement once your account is closed. The statement will show the balance paid out, plus any interest or fees charged. You may receive this statement in the mail or via your internet banking.
Why does the payout figure need to be higher than my loan amount?
The estimated payout figure will appear higher than your current loan balance. This is to ensure that when we pay out your old loan we have sufficient funds to pay out any interest charges and fees up to the date of payout. The allowances and buffer are not FASTRefi fees, but are included to ensure the existing loan is paid out in full. Any surplus amount that is not used to close the current loan will be refunded to you shortly after settlement.
Where can I get more information on FASTRefi®?
The brochure ‘Your Guide to FASTRefi’ is a step-by-step guide that will lead you through the process and any actions you need to complete for a smooth refinance.

Links

More questions?

Reach out to a participating lender or broker.