AMP | Borrower Benefits for using FASTRefi: - Better customer experience as finds received within days of returning signed loan documents
- Customer could access a lower interest rate faster - saving money
- Customer receives surplus funds faster
- Certainity of date for funds
Lender Benefits for using FASTRefi: - Faster drawdown of loan
- Guarantee conversion - avoid retention teams
- Competitive advantage - gives your customer more options
- No need to wait for settlement by the lender and OFI
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Bank of Sydney | Eligible Loans - Home loans
- Investment home loans
- Variable rate, line of credit and fixed rate loans
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Bank of Melbourne / Bank SA / St George | The following qualifications must be met: - Financial institution on First Titles approved OFI List
- Security property for the loan predominantly residential
- Security property not a native, company or old system title
- The borrower(s) borrowing is in their own names (i.e. not company or family trust)
- The borrower(s) names on title is exactly the same as the loan applicants
- Mortgagee’s name on the title is exactly the same as on the loan statement
- There are no encumbrances e.g. caveats, court orders, writs.
- There is no lease registered that will prevent registration of the new mortgage
- The title search not more than 60 days old as at the funding date
- LVR is less than or equal to 95%
- Loan being repaid a variable, line of credit or fixed rate loan in a fixed rate period
- New loan is a single draw down
- All loans linked to the certificate of title over the property is repaid at the same time
- New Westpac loan is a secured by a first mortgage
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CBA | The Bank will use the FASTRefi settlement process to: - Manage the settlement process with the OFI on behalf of our customers
- Pay out the OFI loan prior to collecting security documents
- Organise the collection of security documents
This differs from the existing refinance process where CommBank pays out the OFI loan and obtain security documents at settlement |
Heritage | Eligibility Criteria - Outgoing Financial Institution (OFI) is on the OFI list provided by First Title
- Security is only for residential use
- LVR no greater than 80% and loan amount no greater than $1mil
- Buffer amount included in the loan amount
- Title Search
- Name of application matches name on Title
- Name of OFI on bank statements match the OFI on the title
- No leases on title
- No Native Title, Company Title, Old System Title of Moiety Title (SA)
- Loan Statements
- 3 months bank statements that show repayment history, account number, BSB, borrower names, monthly interest charged and current loan balance
- The loan statement cannot be older than 60 days on day of funding
- No history of arrears or defaults
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MyState | FASTRefi Will: - Allow your settlement to occur in days rather than weeks;
- Switch your loan quickly to one that better suits your needs;
- Give you faster access to cash out or surplus funds if that's what you're after.
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Resimac | Eligibility Criteria - Applies to Prime and Prime Flex Full Doc products only
- Residential property
- LVR <95% (inclusive)
- Financial institution on OFI List
- One mortgage on title (i.e. no second mortgage to different lender). If there is more than one mortgage on title all must be discharged
- Borrower names match loan statements and title
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Suncorp | Benefits include: - Fast settlement process
- Surplus funds available to borrowers quicker than the traditional refinance process
- Increase in conversion rates reducing the risk of the existing lender’s retention policies
- Customers start saving sooner with quick access to better interest rates
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Westpac | The following qualifications must be met: - Financial institution on First Titles approved OFI List
- Security property for the loan predominantly residential
- Security property not a native, company or old system title
- The borrower(s) borrowing is in their own names (i.e. not company or family trust)
- The borrower(s) names on title is exactly the same as the loan applicants
- Mortgagee’s name on the title is exactly the same as on the loan statement
- There are no encumbrances e.g. caveats, court orders, writs.
- There is no lease registered that will prevent registration of the new mortgage
- The title search not more than 60 days old as at the funding date
- LVR is less than or equal to 95%
- Loan being repaid a variable, line of credit or fixed rate loan in a fixed rate period
- New loan is a single draw down
- All loans linked to the certificate of title over the property is repaid at the same time
- New Westpac loan is a secured by a first mortgage
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Updated
by
Caroline Pollard
