Small and medium-sized enterprises (SMEs) can now refinance secured and unsecured loans up to $1 million with only two essential documents, thanks to ANZ’s new refinance process.
ANZ will no longer ask eligible customers to provide a detailed personal financial statement or a business activity statement. They could even have their application approved within days.
The only two documents needed are the new business credit application form and 12 months of business lending facility statements showing timely loan repayments if lending is with another financial institution.
Typically, a refinance can take up to 30 to 45 days to complete—and third parties conducting appraisals, inspections and other services can further delay the process. The saved time from ANZ’s new finance process will allow SMEs to quickly put their businesses in order, it suggests.
Last August, 53% of brokers believed it was a good time to refinance given favourable lending conditions and low interest rates, but only 445,000 of the six million active mortgages were refinanced in that financial year, Aussie reported. They also stated that Australians could be losing out on the full potential of refinancing because of a knowledge gap surrounding the process, and long turnaround times.
Isaac Rankin, managing director for commercial and private banking at ANZ, said they understand the importance of a short and straightforward process.
“We want to make accessing finance as easy as possible for small businesses, that’s why we are simplifying how new and existing customers, with a good repayment history, can refinance their loans with ANZ,” Rankin said. “This fast and secure approach is market-leading and recognises the importance of helping Australia’s small business sector access finance in a simple and timely manner.”
