Quick Easy Refinance - which bank?

Hey all,

Some of you might remember me from somersoft, I haven't been on the new forum much, life is well and truly getting in the way of me internetting.

Just a (hopefully) quick question:

I want to refinance to chase a better rate and go interest only for a couple of years on my PPOR.
However I have a bad case of the CBFs when it comes to paperwork and all that. Which bank can offer me a quick sign up with minimal fuss. (It doesn't even really matter what product their offering, it can't be worse than what I've got)

Cheers, Jake.

 

They're all going to want certain things, but some are definitely worse than others. BoQ will want everything in the whole world, so avoid them for sure. BW also.

Generally the big 4 are the least painful in my experience.

 

I'd say if you fit the mould- XRO Westpac (express refinance) where they actually pay out the loan with the exiting bank first before the lender even have a chance to notify their retention department that you are leaving would be the fastest from point A to B.

That way you skip the mandatory 3-4 weeks wait for the exiting bank to discharge (harass) you/your loan.

 

Fast and speed only - NAB, Westpac, ANZ. Fast turnarounds, quick doc release, can happen quicker and more seamlessly.

Avoid CBA, BoQ, mortgage managers, etc now. Turnarounds are a little slower/more approval hoops (or a lot slow!).

Can usually avoid the slow discharge process by putting in the request nice and early.

 

Submit discharge request as soon as the finance is unconditional.

Agree with Redoms banks for speed but its a bit of a lucky or unlucky dip sometimes.

It comes down to many varaibles and growing by the week due to current and ongoing intervention by APRA & ASIC.

The personality of the assesor can sometimes play a big part in the process. Delayed valuations due to tennants not co operting can blow things out. Probably 20 others I could easily rattle off but no one wants to hear that

Another big part is played by the applicant getting the requested info to the brokers office quickly and accuratley. The major obstacle between you and an approval is the right documents provided at the right times presented to the bank in an easy to digest format (brokers part). Its an art in itself.

 

So if paperwork does your head in then bring the basics, ID and payslips and go to the brokers office or meet them somewhere and nail the rest in an hour or so.

 

I get confused by this though. Your busy at work which sole purpose is earning money, but you would potentially go with an unsuitable lender due to time taken for paperwork that may ultimately cost you more?

Not having a go but I actually see this a lot. People dont perform a more beneficial money making exercise due to work which your doing for money. I understand if you can't due to losing your job but vast majority of people are not in this situation.

 

Hi Jake

Best to put in some effort and go with the right lender rather than the most convenient in terms of paperwork. At the end of the day - all are going to request similar docs (some a little more than others).

Cheers

Jamie

 

If you want a quick result, stay with your existing lender. That usually has the fastest outcome.

Otherwise talk to a broker, figure out the best solution based on your longer term needs.

I've found the 'fast refinance' processes to be a bit unreliable recently. It can be done in a few weeks, but it can just as easily blow out to a lot more. NAB has actually suggested that it's simpler to avoid this process.

 

Thanks all, nice to see some familiar faces/names.

Am currently with NAB but they do some weird stuff with repayments and have me on a rubbish rate. I might have a surf on over to Westpac & ANZ's website and see what's on offer.

 

WBC are alright for rates, but CBA is the best in most cases at the moment. The prices are not on their website though, they're discretionary. ANZ are pretty junk at the moment too.

 

Phone NAB retention department and tell them that you are unhappy with how they are treating you. Tell them that XYZ bank will offer you are far better rate if you refinance to them. Make sure you qualify for XYZ bank, of course, before you do this.

Ask what will they do to keep you.I have their number here - 134308

Trust me, you don't want to try and deal with Nab discharge at the moment.

 

Thanks Angel.