Waiting for settlement can feel like forever. Normally, it takes about 15 business days from when you submit your discharge paperwork, sometimes even longer. During that time, your existing bank keeps charging interest at their rates. Not ideal, right?
What is Rapid Refinance?
Rapid Refinance is a new way to refinance that lets you access your new Unloan account before settlement is complete.
Traditionally, customers wait around 15 business days from when they submit their discharge paperwork to settle, and sometimes longer. This means that although you may have accepted your Unloan offer and be ready to go, your existing bank may not be.
That’s where Rapid Refinance comes in. With Rapid Refinance, you can gain access to your new Unloan home loan as early as the very next business day after your loan is approved. You can start saving sooner and access any additional funds requested without waiting on your existing bank to process your discharge.
What it means for you:
Start saving sooner - switch to your Unloan rate without the wait.
Access extra funds fast - if you’ve requested additional cash, it can be ready to access as early as the next business day after your loan is approved.
How it works
Eligibility: Rapid Refinance is available for select applications that meet our criteria.
Funding: If eligible, we will pay out the balance of your existing home loan(s) as soon as you’ve accepted the Unloan offer. This means you shouldn’t accrue any further interest on that loan. Simultaneously, we will activate your new Unloan home loan and, if applicable, release any cash-out funds.
Settlement: Settlement still needs to happen, which is when we formally register the new Unloan mortgage and close your previous loan. Any leaving fees or unpaid accrued interest from your existing bank will be payable at settlement. You’ll receive payment instructions on the day.
Communication: We’ll keep you updated across the entire process and do all the heavy lifting to make sure settlement runs smoothly in the background.
Eligibility
You must be refinancing from an eligible financial institution. New purchases and top-ups are ineligible.
Your property(s) is in NSW, QLD, VIC, SA or ACT.
Your loan(s) being refinanced are on a variable rate.
There cannot be multiple open applications linked to each other.
The ownership on the property title must match the borrower(s) on the loan application.
There cannot be multiple land titles attached to the property(s) being refinanced.
No conditions at settlement including liability closure or reduction (e.g. closure of credit cards).
You will be informed if you are eligible for the Rapid Refinance process when your loan is approved.
FAQs
What’s the benefit of getting my loan funded before settlement?
You can start enjoying your lower rate, new account features, and any equity release within days of approval.
Are there any extra fees?
Nope. There are no extra fees.
How will I know if I’m eligible?
We'll assess your eligibility for Rapid Refinance while we are assessing your home loan application. We’ll let you know if you are eligible when your loan is approved.
How quickly will I be able to access my new loan?
If eligible, you will be able to access your new Unloan as early the next day after you provide us with any additional information required and are approved.
Is there anything extra I need to do if I’m eligible?
There are no extra forms to sign, you just need to:
Review and accept your Unloan loan offer
Provide a statement or screenshot of your existing home loan account details.
Does this mean I will be accruing interest on both my previous loan and the new Unloan at the same time?
This should not be the case. We will pay out the balance of your previous loan and this will prevent new interest charges from accruing.
Why is my previous loan still appearing as open even after Unloan paid out the balance?
Typically this is because your previous bank won’t close the loan until settlement is completed. Rest assured, the loan should not be accruing interest as the balance should be paid out.
Do I need to submit a discharge authority form?
Once we’ve activated your new Unloan, we will send you an email with the details of how to submit the discharge authority form. We may pre-fill the form to make it easy for you too. We will also ask you for a copy of your valid home insurance.
Can I apply for a top-up while waiting to settle?
You can submit a top-up application, but we’ll need to wait until your home loan settles before we can approve or fund it.
What if I change my mind about proceeding with Unloan after my loan has been activated?
If you change your mind, let us know and we'll discuss your options.
How are shortfalls handled?
If there is a shortfall, we’ll provide payment instructions on settlement day. Shortfalls mainly occur due to unpaid interest that would’ve accrued prior to when we would have paid out your previous loan.
What happens to any excess funds?
Your previous bank will return them to you, usually by transferring the funds to the account nominated on your discharge authority form.
Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Full terms and conditions will be set out in your loan offer, if an offer is made.
This information is general only and doesn’t take your personal financial situation into account. Consider seeking independent financial advice before making a decision.