Asking how long it takes to get a Home Loan approved is like asking how long a piece of string is. Every application is unique, so the time between your first contact with your bank or broker and approval can never be predetermined. There are, however, some things you can do to help hurry your application along.
Although very rare, same-day Home Loan approvals are possible depending on the lender’s criteria, the complexity of the deal and turnaround time. Often, you can get approval within 1-2 days if borrower’s finance position is strong in terms of employment, income, savings and loan to value ratio is up to 80%.
If you’re not prepared, it could take up to a month. The most common reason for a delay is a lender’s turnaround time to assessment, especially when some lenders have competitive offerings and experience larger home loan application volumes, but a lack of preparation can cause this delay to snowball.
Our Mortgage Broker/Credit Adviser will help you take all the necessary steps to ensure fast home loan approval, but there are simple ways you can help hurry the process along before your first meeting with your broker.
Skip the valuation queue
Some lenders accept Contract of Sale price, if from Licensed Real Estate Agent and don’t require valuation. Otherwise, valuation can be ordered by our Mortgage Broker/Credit Adviser prior to lodgement if required, saving you time, especially if your Contract of Sale is conditional upon finance approval
Disclose all information
To avoid back and forth requests, which can delay your application, ensure your lender has a thorough understanding of you as an applicant including appropriate identification of all borrowers. Provide all the supporting and necessary documents upfront to our Mortgage Broker/Credit Adviser, and convey as much detail as possible in relation to your requirements and objectives and have good, current information on your financial position. Our Mortgage broker/Credit Adviser will need to not only have your full financial details but will also need to take reasonable steps to verify it. You have to pay attention to disclosure of all your liabilities, especially, credit cards. All credit cards must be disclosed, even if not in use. All loans must be disclosed with limits and current balances. Lenders conduct their assessment based on limits and not on balances.
To ensure your application avoids any unnecessary delays, speak to our Mortgage Broker/Credit Adviser.