The goal of this paper is to investigate the short time-scale, thermally-induced probability of magnetization reversal for an biaxial nanomagnet that is characterized with a biaxial magnetic anisotropy. For the first time, we clearly show that for a given energy barrier of the nanomagnet, the magnetization reversal probability of an biaxial nanomagnet exhibits a non-monotonic dependence on its saturation magnetization. Specifically, there are two reasons for this non-monotonic behavior in rectangular thin-film nanomagnets that have a large perpendicular magnetic anisotropy. First, a large perpendicular anisotropy lowers the precessional period of the magnetization making it more likely to precess across the x^=0 plane if the magnetization energy exceeds the energy barrier. Second, the thermal-field torque at a particular energy increases as the magnitude of the perpendicular anisotropy increases during the magnetization precession. This non-monotonic behavior is most noticeable when analyzing the magnetization reversals on time-scales up to several tens of ns. In light of the several proposals of spintronic devices that require data retention on time-scales up to 10’s of ns, understanding the probability of magnetization reversal on the short time-scales is important. As such, the results presented in this paper will be helpful in quantifying the reliability and noise sensitivity of spintronic devices in which thermal noise is inevitably present.