ANZ simplifies refinancing for faster approvals

ANZ's new process speeds up approvals

ANZ simplifies refinancing for faster approvals

Earlier this year ANZ launched a new simplified lending option known as the rapid refinance process.

Its primary objective is to streamline the process of accessing finance to make it easier for small businesses.

Smoothing the path for clients to refinance their business lending up to $1m, eligible clients may only require two pieces of documentation and could have their application approved in days. 

“We want to make accessing finance as easy as we realistically can 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,” says ANZ commercial broker area manager Ross Duncan (pictured immediately below).

 “This faster 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.”

The two documents needed are the business credit application form as well as 12 months of business loan statements showing timely minimum loan repayments (either weekly, fortnightly or monthly) if lending is with another financial institution.

Read more: The four Cs of credit: What are banks looking for?

Clients no longer need to provide detailed personal financial information, BAS statements or other income supporting documents.

“We know and understand that small business owners are busy and that their focus is and should be on their business,” Ross says.

How the process works

ANZ assesses your client’s capacity to repay business loans by reviewing the business lending that is being replaced or refinanced, and checking for good account conduct over the previous 12 months with no adverse findings.

“What this means is if a client can demonstrate satisfactory minimum repayments of existing business lending being refinanced over the last 12 months, we are in a strong position to approve the loan, assuming they meet our other credit criteria.”

Find out more about rapid refinance process and other ANZ updates

Outside of ANZ regular communications to our broker network, the bank also keeps brokers informed in other ways.

 “As commercial bankers we often host webinars or seminars or even simply catch up with our brokers individually on a one-to-one basis to inform them about recent updates the bank has made to help streamline business lending” says Ross. 

Read more: ANZ extends term on business loan

“We want our brokers to be well equipped, that’s why we’re committed to provide our ANZ-accredited brokers the right knowledge and level of understanding of all our lending propositions such as the rapid refinance process, the eligibility criteria, or how to submit an application. We find it’s also a great way for brokers to ask our team questions and provide us valuable feedback.”

Has the process made a difference?

“The introduction of the rapid refinance process has been extremely well received by brokers and their clients,” Ross says.

 “We have seen a significant lift in this new streamlined application form type which has provided shorter approval time frames and a much simpler refinance process for brokers and our mutual customers.”

Case study: Simplifying refinance with ANZ’s rapid refinance process


Broker’s relationship with ANZ:  This is an existing and experienced ANZ accredited commercial broker who has submitted multiple applications and successful deals.

Client at a glance

Industry: Furniture Manufacturer

Business overview: Established business, operating 7 years

Business structure and operations: Sole Trader

Personal details: Client was not an ANZ customer, lending was with an OFI.

Transaction Background

  • Client was interested in extending their loan term and explored options with their broker.
  • $650K Business loan originally funded to purchase the standard commercial property the business trades from + $8K cash out to cover discharge costs from OFI
  • Using the rapid refinance process client was able to submit two key documents, being the business credit application form and 12 months of business loan statements showing timely minimum loan repayments.


  • No minimum monthly repayment listed on the statement, instead it was cross-referenced with client’s original letter of offer

ANZ’s rapid refinance process benefits

  • Client received approval within 3 days of submitting its application, there was no additional documentation required for the $8K top up. Process allowed for self-declared information in application with ‘business only’ capacity to service (CTS) assessment, and the client was able to extend its loan term out to 30 years through using their commercial property as security.

This article is brought to you by ANZ

This is general information and ANZ is not giving you advice or recommendations. Carefully consider what’s right for you, your business and your clients. Terms and conditions, fees and charges, and credit approval and eligibility criteria apply to ANZ loans.