Your refinance is stuck in credit
A refinance that has stalled in a lender's credit or settlement queue leaves a business committed to a date it can no longer meet. HomeSec bridges the gap against equity in the same property, from $20,000 to $5,000,000, generally settling within 24 hours. The existing loan is untouched and the incoming facility is the exit.
See if you qualify in sixty seconds. No credit check to apply, no financials, no payments for the first six months. That's the HomeSec Advantage.
See if you qualifyApproval is not settlement, and the gap between them is nobody's priority but yours
Unconditional approval means a credit decision has been made. It does not mean documents have issued, been signed, been returned, been checked, been booked and been funded. Each of those is a queue, each queue has a person in it, and none of them is looking at the date you gave a supplier.
The delays that actually happen: a valuation ordered late or challenged, a title or trust deed query, an outgoing lender slow to produce a discharge authority, a company or trust structure referred back for review, a settlement booking that lands a week later than assumed, or a credit reassessment triggered by something that changed after approval. None of them is a decline. All of them cost you the date.
The specific danger: doing something that restarts the clock
This is the point. Under pressure, businesses take actions that damage the very application they are waiting on.
- Applying elsewhere. Every application is a credit enquiry that stays on file for five years. A cluster of enquiries during a live assessment reads as distress and can trigger a reassessment of the approval you already hold. See declined for a business loan.
- Missing a payment to fund the gap. Arrears on an existing facility during underwriting is one of the few things that can turn an approval back into a decline.
- Changing the structure. Adding a director, moving the security into a trust, restructuring the entity — any of these can send a file back to the start of credit.
- Drawing down elsewhere in a way the lender will see. New debt taken between approval and settlement is usually a disclosure obligation, and finding out at settlement is worse than being told at the time.
If you take short-term funding while a refinance is in progress, say so, in writing, before you draw it. A second registered interest discovered by a settlement clerk on the day is a much bigger problem than one disclosed in advance — most incoming lenders are entirely comfortable with bridging that is being repaid out of their own advance, because it is. Your broker should raise it, and we are happy to confirm the arrangement to them directly.
Why this sits behind the bank rather than replacing it
A second mortgage registers behind the existing first mortgage and leaves it completely untouched — same rate, same terms, no refinance, no break costs, no discharge. Where the timing is tighter or the first mortgagee's consent would take longer than you have, a caveat achieves the same thing without needing anyone's consent.
Either way the incoming facility is the exit, and it is a good one: a formal approval from a bank is about as documented as an exit gets. That is why these files are priced and assessed as straightforward ones.
Nobody can tell you when a stalled refinance will settle — that is the definition of the problem. A fixed three-month bridge with a minimum period charged and a fee to extend turns a delay into a second cost. Our term is open: no minimum, no maximum, no penalty for repaying early and no fee to extend. If the bank funds in three weeks you stop paying in three weeks.
What we need, and what we do not
Useful on the first call: the property, roughly what is owed against it, the amount and date you are committed to, and the incoming lender's approval or offer if you have it. Not required at all: financial statements, tax returns, BAS, cash flow records, trading history or a sworn valuation — the incoming bank has already asked for all of that, which is part of why it is taking so long.
Every application is read by a Lending Manager and every credit decision is signed off by a person. We do not use artificial intelligence to assess, approve, decline or price a loan. You have spent weeks in someone else's queue. Ours is a phone call to a Lending Manager who can answer.
How much you can borrow
Take the property's value, multiply by 80% for residential security or 70% for commercial, and subtract what is already owing on it. What is left is roughly what is available, between $20,000 and $5,000,000. Several properties can be added together, and the borrower does not have to be the owner — companies, trusts and sole traders — including start-ups, with everyone on title signing. Up to 80% on residential and 70% on commercial. Lower on large acreage, and LVRs may reduce on properties worth less than $800,000.
From the call to the money
Tell us the deal
Amount, purpose, timing, the property and how the loan gets repaid. A Lending Manager gives you an indicative answer on that call — usually in minutes.
Minutes
Conditional approval
Photo ID, a rates notice and your most recent mortgage statement. That is the whole list, and it takes about fifteen minutes.
About 15 minutes
Funds released
As little as 24 hours from a clean, complete scenario. Paid where you tell us — to your account, or straight to the ATO.
As little as 24 hours
What it costs
Priced per file, on the property, the position, the amount and the exit. No rate is published, because a rate with "from" in front of it is the best file's number. How it is priced, and every fee that exists.
Questions we get on the phone
Can I borrow while a bank refinance is still in progress?
Will this jeopardise my approval?
What if the refinance falls over entirely?
Do you need my bank's consent?
How quickly can it settle?
How long does a bank refinance take?
Can I bridge until the bank settles?
What if the bank ultimately declines?
Different causes, same shape: a committed date and money that has not arrived.
Tell us the date you are committed to and where the refinance actually is. 1300 93 83 87, Mon–Fri, 8:30am – 5:30pm Melbourne time.
See if you qualify in sixty seconds
Three short questions, no credit check to apply and no financial statements. A Lending Manager reads it and calls you back with a real answer — not a call centre, not an algorithm.
That's the HomeSec Advantage.
Reviewed by Jason Brockmuller, Joint Chief Executive