Most refinance applications take between four and eight weeks from submission to settlement.
That timeframe varies depending on the lender's workflow, how quickly valuations are completed, and whether your employment verification needs to fit around rostered shifts. For clinical nurse specialists, understanding what happens at each stage helps you plan around night shifts, on-call periods, and study commitments without delaying the process.
The First Week: Application Review and Document Check
Your lender reviews the refinance application within three to five business days. They confirm your employment status, verify income using recent payslips, and check whether you have existing debts or liabilities that affect serviceability. Clinical nurse specialists often have additional income from overtime, penalty rates, or casual agency work. If this makes up a consistent portion of your income, the lender may request several months of payslips or a letter from payroll to confirm your average earnings.
Consider a clinical nurse specialist refinancing to access equity for an investment property. She submitted her application on a Monday after a week of night shifts. The lender flagged her overtime income, which added around $1,200 per month. By Wednesday, her broker requested a payroll summary showing the last six months of penalty rates and shift loadings. She emailed her hospital's payroll team during her next day shift, received the letter within 48 hours, and forwarded it the same afternoon. The application moved to formal assessment by the end of the first week.
Valuation Timing and Property Access
Once your application is conditionally approved, the lender orders a property valuation. Desktop valuations can be completed within 48 hours if comparable sales data is available. Physical inspections typically take one to two weeks, depending on the valuer's availability and whether tenants or owners need to coordinate access.
If you own an investment property and refinance while it's tenanted, the valuer needs to arrange access with your property manager. That can add three to five days if the tenant works full-time or has restricted availability. Owner-occupied properties usually allow faster access, but if you're working a rotating roster, confirm with the valuer that someone will be home or that a lockbox can be arranged.
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Conditional Approval to Formal Approval
After the valuation is received, the lender moves your application to credit assessment. This stage takes between five and ten business days. The credit team checks that the valuation supports your loan amount, reviews any conditions flagged during the initial assessment, and confirms that nothing has changed with your financial position since you applied.
Clinical nurse specialists sometimes change employers during the refinance process, particularly if moving from public to private sector roles or taking on additional agency shifts. If your employment changes after lodging the application, notify your broker immediately. A new employer in the same field usually doesn't derail the application, but the lender will require an updated contract and may ask for confirmation that you've completed any probationary period.
Settlement Preparation and Timing
Formal approval triggers the settlement process. Your solicitor or conveyancer prepares discharge documents for your existing lender, coordinates the payout figure, and schedules settlement with the new lender. This stage takes between one and three weeks, depending on how quickly both lenders process the paperwork and whether your current lender applies any discharge fees or fixed rate break costs.
If you're coming off a fixed rate and refinancing after your fixed rate period ends, confirm the exact expiry date with your current lender. Settling a few days after the fixed term concludes avoids break costs. If you're still within the fixed period, request a break cost estimate before proceeding. Some lenders waive or reduce these fees depending on how close you are to the end of the term.
What Slows the Process Down
Incomplete documentation is the most common delay. Missing payslips, unsigned forms, or unclear employment letters can add one to two weeks while the lender requests clarification. Clinical nurse specialists working across multiple hospitals or combining permanent and casual roles should gather all income documentation before starting the application.
Valuation disputes also extend the timeline. If the valuer's figure comes in lower than expected, the lender may reduce your borrowing capacity or ask for a larger deposit. Challenging a valuation requires a second assessment, which adds another two weeks. In our experience, this happens more often with regional properties or apartments in areas with limited recent sales data.
Lender processing backlogs can stretch approval times during peak periods. If you're refinancing to access equity for a specific purpose with a time-sensitive deadline, such as purchasing an investment property at auction, factor in an extra week or two as a buffer.
Coordinating Settlement Around Your Roster
Settlement typically occurs mid-morning on a weekday. You don't need to attend in person, but your solicitor may need to contact you to confirm final details or sign documents electronically. If you're working night shifts or on-call during the settlement week, provide your solicitor with your availability in advance and confirm that all documents can be signed digitally.
Some clinical nurse specialists prefer to schedule settlement during a rostered day off or annual leave period. If you have flexibility, aim for mid-week settlements rather than Fridays. Friday settlements are more prone to delays if either lender experiences processing issues, and resolving problems over the weekend is difficult.
How a Broker Reduces the Timeline
A broker who understands nursing income structures speeds up the process by ensuring your application is complete before submission. They know which lenders accept overtime and penalty rates without excessive documentation, which valuers work efficiently in your area, and how to structure the application to avoid unnecessary delays.
Brokers also manage communication between you, the lender, and your solicitor. If you're working a block of night shifts and can't respond to emails during business hours, your broker can handle most queries on your behalf and escalate only the decisions that require your direct input.
If you're considering refinancing and want to understand how long the process will take based on your specific circumstances, call one of our team or book an appointment at a time that works for you.
Frequently Asked Questions
How long does refinancing usually take?
Most refinance applications take between four and eight weeks from submission to settlement. The timeline depends on lender processing speed, valuation turnaround, and how quickly you provide documentation.
What slows down a refinance application?
Incomplete documentation, valuation delays, and lender processing backlogs are the most common causes. Clinical nurse specialists should gather all payslips, employment letters, and income verification before applying to avoid delays.
Do I need to attend settlement in person?
No, settlement is handled by your solicitor or conveyancer. You may need to sign documents electronically or be available by phone, but you don't need to take time off work to attend in person.
Can I refinance while working night shifts?
Yes, but you should inform your broker of your roster so they can coordinate communication and document signing around your availability. Most queries can be handled outside business hours through a broker.
What happens if my employment changes during refinancing?
Notify your broker immediately if you change employers. Moving to a new nursing role usually doesn't stop the application, but the lender will need an updated contract and may require confirmation of any probation period completion.
