Refinancing a home loan usually takes 2 to 6 weeks from a complete application to settlement. The new lender’s approval often takes a few business days to two weeks; the slowest part is commonly your current lender processing the discharge, which can take 10 to 15 business days on its own. A tidy file, a quick valuation and lodging the discharge form early keep a refinance at the short end.

A typical refinance timeline, in business days
Stage Typical time Who sets the pace What speeds it up
Documents and application 1 to 3 days You and your broker Payslips, statements and the current loan statement ready before you start
Assessment and approval 2 to 10 days The new lender A complete file; lender turnaround times vary week to week
Valuation 1 to 5 days The lender’s valuer Easy access for an inspection, or a desktop valuation where the lender allows it
Loan documents signed 1 to 3 days You Signing and returning the same day
Discharge of the old loan 10 to 15 days, from when the form is lodged Your current lender Lodging the discharge form as soon as the new loan is approved
Settlement On the booked date Both lenders Settlement is electronic, so once both lenders are ready it happens on the day

Why does the discharge take the longest?

To leave a lender you sign a discharge authority, a form that tells your current lender you are paying out the loan. That lender then prepares the payout figure and books settlement with the new lender. Many lenders ask for 10 to 15 business days’ notice, and it is their queue, not the new lender’s, that sets the date. Lodging the form the day the new loan is approved, rather than waiting for loan documents, often saves a week. The guide to mortgage discharge covers the form and the fees.

Some lenders offer a faster route for a straight refinance: the new lender pays out the old loan first and finishes the discharge paperwork afterwards. It usually needs the new loan to be at least the amount you owe and suits a simple switch, not a cash-out.

What can delay a refinance?

  • A valuation below what you expected. It can push the loan above 80% of the value and bring mortgage insurance into play; see desktop valuations.
  • Self-employed income. Lenders want tax returns and assessments, and a missing year adds rounds of questions.
  • Cash out. Money released for renovations or investment usually needs evidence of the purpose; see cash-out refinancing.
  • A fixed rate. Leaving during a fixed term can bring a break cost, which should be quoted before you commit; see fixed rate break costs.
  • Missed repayments or a tighter budget. The new lender tests your repayments at its rate plus a 3% buffer, so a loan that is affordable today may not pass; see the serviceability buffer.

Is it faster to stay with your lender?

Usually. A rate review or a switch to another product with your current lender can take days, because there is no new valuation, discharge or settlement. Ask your lender for a better rate first; the guide to asking for a better rate shows how. If the offer still trails the market, a refinance is worth the few weeks.

When should you start?

Six to eight weeks before the date that matters. That might be the end of a fixed rate, when the loan rolls onto a higher revert rate (see when your fixed rate ends), the settlement deadline on a cashback offer, or a purchase you want the equity for. Starting early also leaves time for a second lender if the first valuation disappoints.

What to have ready

  • Two recent payslips, or two years of tax returns and assessments if you are self-employed
  • Three to six months of statements for the current loan and your everyday account
  • Any credit card, car loan or personal loan statements
  • Your current loan account number and the lender’s discharge form

The full list is in the refinance checklist, and the cost of refinancing covers the fees on both sides.

Questions people ask

How long does refinance approval take?

Commonly 2 to 10 business days once the lender has a complete file, depending on the lender’s queue. Approval is not the end: the discharge and settlement come after it.

Can I refinance in a week?

Occasionally, with a lender that pays out the old loan first, a simple switch with no cash out and every document ready. Two to three weeks is a realistic fast refinance.

Do I keep paying my old loan during a refinance?

Yes. Keep every repayment going until settlement; a missed repayment during the switch can show on your credit report and complicate approval.

What stops you from refinancing?

Usually income that no longer covers the repayment at the lender’s buffer rate, missed repayments, a valuation that leaves too little equity, or a break cost that wipes out the saving.

Charles Touma starts the discharge as soon as approval lands, so the slow part of a refinance runs alongside the rest instead of after it. A free 30-minute call covers it. General information only, not credit advice; every loan is subject to the lender’s assessment. Example figures use the 6% example rate over 30 years. See also refinancing your home loan.

Sources: Moneysmart, switching home loans; APRA, macroprudential settings (3% serviceability buffer), checked 21 October 2026.

General information only, not credit, legal or tax advice. Your situation is assessed properly before any recommendation. Government scheme details change; figures are current at the time of writing.