ANZ has announced modifications to its small business loan refinancing process. The new system, known as the rapid refinance process, allows eligible small businesses to refinance secured and unsecured loans of up to $1 million with only two essential documents: a new business credit application form and 12 months of business lending facility statements demonstrating timely loan repayments if the current lender is another financial institution.
This change eliminates the need for detailed personal financial information or a BAS statement from eligible customers. ANZ aims to reduce processing times for refinancing, potentially approving applications within days. This could allow businesses to invest and grow with increased confidence.
Isaac Rankin, ANZ Managing Director Commercial and Private Banking, stated: “We understand small business owners are busy and their focus should be on running and growing their business."
He added: “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 described the approach as "fast and secure," emphasizing its market-leading nature in assisting Australia's small business sector in obtaining finance efficiently.
Additionally, ANZ has streamlined internal processes to enhance approval times for refinancing requests from business customers seeking loans up to $3 million. According to Rankin, this approach also offers brokers clearer credit requirements and better understanding of the process.