Benefits of FASTRefi®
Get your BankVic loan faster
If you're refinancing to lower your interest rates and to receive any other incentives (e.g., cashback), choosing FASTRefi® can help you receive these benefits faster.
It's easy and has no extra fees
The BankVic team handles the end to end FASTRefi® process for you at no extra cost or fees.
It provides certainty
Have assurance of when your new loan will be activated, with thousands of people using FASTRefi® each month to refinance their home loans faster.
Tell us you want to use FASTRefi®
Complete a home loan application form with a BankVic home loan specialist and advise us you want to use FASTRefi®..
Sign the loan documentation and the FASTRefi® forms
Your loan documentation pack will include two FASTRefi® forms, the Borrower’s Acknowledgement, Undertaking and Payout Advice (BAUPA) form and the Irrevocable Authority form. It’s important that these two forms are completed accurately and returned with your other loan documents. There are instructions on each form to help you.
Your new BankVic loan is funded
Once we have verified your signed documents, your new BankVic loan is funded. To ensure your old loan is paid out in full, we calculate an estimated payment to cover your old loan balance.
Your old loan is finalised
We’ll arrange payment of your old loan and manage the remaining refinance steps with your existing lender. Once the process is complete, your existing lender will transfer any surplus funds to your nominated account. This may take a few weeks.
FASTRefi® Frequently Asked Questions
FASTRefi® is a streamlined settlement service that can help eligible members complete their refinance sooner.
A standard refinance can take several weeks while the lenders coordinate the required settlement steps. With FASTRefi®, BankVic manages the refinance process on your behalf, helping you access your new loan sooner.
Once your loan is approved and we have verified your completed and signed loan documents, your BankVic loan may be funded within days.
The timeframe will depend on factors such as how quickly your application is assessed, whether a valuation is required and when we receive all required information and documents.
For eligible loans using FASTRefi®, your new BankVic loan may be funded within days after we verify your completed and signed loan documents.
Your lending consultant can provide a more accurate timeframe based on your circumstances.
Your new interest rate applies from the day your BankVic loan is funded.
For eligible FASTRefi® loans, this may be within days after we verify your completed and signed loan documents.
If you’re moving to a lower interest rate, you may begin saving sooner. The amount you save will depend on factors including your loan balance, interest rates, loan term and applicable fees.
FASTRefi® uses an estimated payout figure to help ensure there are sufficient funds to pay out your existing loan in full. This figure includes:
- Your current loan balance
- One month's average loan repayment
- One month's interest
- An estimated discharge fee
- A buffer amount to cover any additional charges
Once your old loan is finalised, your previous lender will return any surplus funds to you.
FASTRefi® may be available for eligible standard home loan refinances, subject to BankVic’s lending and settlement requirements.
Some loans and circumstances are not eligible, including:
- Business and commercial loans
- Lines of credit
- Bridging loans
- Reverse mortgages
- Construction loans that are not fully funded
- Properties that secure multiple loans, such as guarantees
Other eligibility criteria may apply. Your lending consultant will confirm whether FASTRefi® is available for your loan before your documents are issued.