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Three steps to speed up your home loan approval.


Woman sprinter taking off from the blocks on a training track.

Asking how long it takes to get a 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 mortgage 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 loan approvals are possible depending on the lender’s criteria, the complexity of the deal and their current processing time. In my experience, this has only been possible when the client’s lending position is straightforward in terms of employment, asset and liability position. Also, if a valuation wasn’t required due to a low LVR and both parties were happy with the contract price. You can probably guess; this isn’t a very common scenario!

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 application volumes. But a lack of preparation can cause this delay to snowball. Below I discuss what in my experience are the biggest reasons applications are held up so you can be fully aware ahead of time!

Three main causes of delays

1. Incomplete data

Incomplete application data results in the bank having to request more information. To limit the number of emails between you and your broker, it’s important to be clear on exactly what is asked of you. One common hold up is providing bank statements and associated transactions if the previous statement is too old. A great way I get around this is using providers such as bankstatements.com.au. This allows you as the client to give authority for bankstatements.com.au to download the exact data first time round. This can save you hours if you have a variety of accounts and makes sure the exact dates, your account name and number are clearly visible.


2. Disclose all information

To avoid the constant back and forth or even worse, a decline, it’s imperative that you disclose as much information as possible. If you’ve been bankrupt, or missed repayments or have a known unpaid bill, please don’t be embarrassed to disclose this information. Firstly, we deal with people’s financials situations all day every day. We have seen most things and I can promise you, we are not here to judge you. All we are here to do is help find the right match to your current position on your financial journey. It is far better knowing in advance to make sure this match is the best match first time round.

3. Skip the valuation queue

Not all applications require a valuation, depending on the property and lending institution, and forgoing this step can save a considerable amount of time. You can also save time by having a valuation completed prior to your application, many times this can be organised for you at no charge.


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