Lead time for Mortgage refinance approvals

Hi guys,
Wondering if there is a general lead time lead times once you submit an application for a mortgage refinance before it's approved.

my current fixed terms is coming up to ending soon so want to get the ball rolling on a refinance and looking around for brokers. I'm also waiting on my latest tax return to be completed hence the question around lead times. (in case tax return is slow coming back)

Thanks

 

@Maadha

Approval itself doesn't take that long - a couple of days from lodgement at most (depending on the strength of the application and LVR). There is a lead time to get to that stage however.

Planning the next best steps / strategy is where most of the time is spent.

 

If your tax return isn't done yet and it's required, that will hold you up as servicing will be uncertain especially if the deal is marginal. Depends how complex your scenario and business is.

Otherwise you can make your best estimate and give the lodged return, profit and loss and so on, and lodge the application once the notice of assessment comes through.

If you're not self employed, you may be able to hit the ground running now as your tax return/NOA is not required with many lenders. Again, depends on your scenario.

 

Thanks to both for response.
IT contractor going through my own ABN for work. have 2015 returns but waiting for 2016 and 2017 to come back.
Will use the time while waiting for ta return to work on a strategy. Moving OS soon so need to get is sorted ASAP.
If I may ask your opinions, are there brokers who specialise in people moving over seas for long periods (say around 5 years) in terms of structures and planning or is it all pretty much the same?

Thanks again.

 

Lending is now much tougher for non residents. Depends on your income currency as well as income it is.

 

Can be done as little as 2 days pending new bank, existing bank and if you use a banker or broker.

 

Just make sure you get it approved (ideally settled) before you go as overseas. Borrowing as an overseas ex pat is a PITA not to mention harder to service.

 

Yes it's pretty good when can get it to work.
- On the spot approval
- Documents printed straight away, sent to mortgage services.
- Certified and settled.

 

My numbers are relating to external refinances - FastRefi

Top-up would normally be same day
Equity pull around 2-3 days

 

Thanks all,
Out of interest, would a 5 year fixed be an option or a standard variable better considering I would not want to refinance for at least 5 years given.I'd be an expat.
Any brokers here specialise in this type of expat stuff?

 

I would get your finance approved first while still in Australia as o/s lending is getting much tougher to secure in the current credit environment.

Once finance is settled then wont matter what you do as long as you make your repayments.

 

Either is fine - you don't need to reapply to fix a rate, so you're all good either way. You just don't want to try and move lenders if possible. It may be fine, but depending where you are off too it could also be very difficult. Servicing is also much more difficult with O/S income.

 

All the brokers on here would be more than capable.

 

Does CBA still offer fast refi?

 

Yes, it has been relaunched recently. Working very effectively.