So you’ve submitted your home loan application and wondering when it will be approved. All loans are different and so are the banks, so we can’t always guarantee what the turnaround time will be. That being said, there are ways to ensure your application is processed quickly and efficiently.
Same-day loan approvals are possible but very rare. These generally only occur when the client’s lending position is straight forward and there is no valuation required. Skipping the valuation queue can save a lot of time. In some instances it may be worth having a valuation completed prior to your application – as long as it’s accepted by the bank.
Some banks can take up to a month to approve a loan. The common reason for this delay is due to their assessment timeframes, especially if they have competitive offerings and large application volumes. However, a lack of preparation can cause this delay to snowball. You can help avoid back and forth delays by making sure the bank has a thorough understanding of you as an applicant. Provide all supporting identification and documents upfront to your broker and convey as much detail as possible about your requirements, objectives and financial situation. As a broker, we need to not only have your full financial details but also need to take reasonable steps to verify it.
To ensure your application avoids any unnecessary delays, just call our office on 9020 1420 to find out more or call me direct on 0425 726 419.