Hi all Have decided to refinance a couple IPs. Will be changing lenders and was wondering what the wait times are like in 2022. I understand application times took many weeks if not months during 2020/21 but was hoping someone could give an update. I will be doing this via a broker, not sure if that speeds up the process. Thanks in advance.
Just my experience, I've done an equity release and a separate loan application to buy another IP and the process has taken 3 months - and still not quite finished. The equity release took about 7 weeks itself. The bank has been very slow.
Do you mind sharing what bank you are working with? Is it one of the big four? or one of the smaller ones? I'm going with Westpac and so far it has been 2 weeks. Will provide updates.
It's all dependent on lender - and often complexity of the application. Some lenders will also prioritise purchases over refinances. If you're doing the equity release with the same lender - that should be quicker than externally refinancing to another lender. Cheers Jamie
As others have said, it depends on the lender, processing times are not identical across all the lenders. For example, I got a Formal Approval within 4 hours with one lender this week. I've also had other lenders taking a few weeks to even pick up an application to assess it. You should have your formal approval by now via Westpac so I'd be asking what the hold up is. Assuming the valuation was completed prior to applying? Westpac have been providing approvals for my clients within 2 - 3 business days recently.
Update: FINALLY got the cash from Westpac yesterday! Very, very frustrating process also had to visit the branch multiple times to verify ID and then again with partner to set up a joint account. For context I refinanced another IP with another lender during this time and they were 2-3 weeks faster and didn't make any branch visits. I imagine the cashback will still be a few weeks away!
