From Monday, nearly all steps taken to refinance will now be online including commencement and submission, as well as identification, consent, serviceability, and credit assessment. 

Customers are then connected with a home lending specialist to finalise and progress their application. 

Michael Baumann, executive general manager of home buying, said this will create a more seamless experience and slash approval times.

“The improved self-service functionality means that when a customer is connected with one of our home lending specialists, we are able to progress applications more quickly because we have most of the required information to assess a customer’s suitability for refinancing," Mr Baumann said.

"This enhanced functionality helps to make the process of refinancing to CommBank simpler and faster for our customers."

CBA spokespeople told InfoChoice Group in 2021 that the average new home loan approval time was two days. 

This news follows CBA slashing the serviceability buffer rate to 1% for some refinance applications in late June.

More to come...