What is FASTRefi®

FASTRefi® is a process that allows a refinance to occur very quickly (usually within days rather than weeks). In a traditional refinance your client would need to arrange settlement with their current lender, prior to their loan being paid out. This could take several weeks and plenty of paperwork.

With FASTRefi® your client's existing loan can be paid out prior to settlement, so their refinance to People First Bank is streamlined.

  • It's faster

Your client can access their new loan terms and funds much sooner.

  • It's easy

We handle the process for your client.

  • It has no extra fees

FASTRefi® costs your client no more than a standard refinance.

  • It provides certainty

Have assurance of when your client's new loan will be activated.

  • It's trusted

Thousands of people use FASTRefi® each month

Eligibility for FASTRefi

FASTRefi® is available for customers refinancing their existing home loan from another financial institute to People's Choice Credit Union. Make sure your clients loan meets the required criteria before starting the process.#

  • What are the eligibility criteria to use FASTRefi®?

    Loans that are eligible must include:

    ✔ Outgoing Financial Institution (OFI) accepts FASTRefi® as a discharge method

    ✔ Security is only for residential use

    ✔ LVR no greater than 80%

    ✔ buffer amount is included in the loan amount.

     

    Title search must show:

    ✔ name of application matches name on Title

    ✔ name of OFI on bank statements match the OFI on the Title

    ✔ no leases on the Title

    ✔ no Native Title, Company Title, Old System Title of Moiety Title (SA).

     

    Loan statements must have:

    ✔ 3-month bank statements that show:

    ✔ repayment history

      ✔ account number and BSB

      ✔ borrowers names

      ✔ monthly interest charged

      ✔ current loan balance

    ✔ a loan statement that cannot be older than 60 days on day of funding

    ✔ no history of arrears or defaults.

  • What kind of loans are not eligible for FASTRefi®?

    Loan types that are not eligible: 

    ✕ Bridging Loans

    ✕ Business and Commercial loans

    ✕ Construction loans with progressive drawdowns outstanding

    ✕ Fixed rate loans with a fixed rate expiry date greater than 30 days Note: this refers to the loan being repaid, not the new loan

    ✕ Reverse mortgages

     

    Loans are also ineligible if:

    ✕ are in the name of a company/trust

    ✕ are required to be outsourced to Galilee, including but not limited to loans with a security property/ies in NT, TAS, WA or ACT

    ✕ have a guarantor

    ✕ have an LVR exceeding 80%.

     

    They include Security property that:

    ✕ is Native Title, Company Title, Old System Title or Moiety Title (SA)

    ✕ has a lease on title.

     

    They include transactions where:

    ✕ a refinance is cross collateralised with any other loan i.e. a purchase

    ✕ a Transfer or Change of Name is involved

    ✕ any type of complex conveyancing is involved.

     

How to apply

1. Confirm your client's application is eligible for the FASTRefi® product using the refinancing eligibility criteria. If they are eligible, discuss the product with your client and provide them a copy of the FASTRefi® brochure.

2. If your client has agreed to take the FASTRefi® product, calculate the loan amount by using the First Title Estimate Calculator. Ensure the loan amount is inclusive of the following per loan:
• A $500 buffer
• One month's average repayment amount
• $1000 to cover discharge costs
• Accrued interest.
 
3. Once you have entered the information into the Estimate Calculator, select Download Calculation.

Important note: People First Bank may charge additional fees for establishing the loan. Please review your client's credit contract for a complete breakdown of all charges.

4. Upload a copy of the document you generated from the Estimate Calculator into LoanApp.

5. Flag the application as FastRefi via LoanApp which will then be become visible on the loan application form. 

Estimate Calculator

You can use this calculator at the beginning of your client's FASTRefi process to estimate the payout amount. A final calculation will be made just prior to funding to ensure the payout amount is more accurate using the most up to date balances.
Calculate estimate now

    Information for clients

    Get in touch

    If you have any questions regarding FASTRefi®, please contact your Business Development Manager directly.
    Contact our BDMs