Speeding up loan approval process

10.12.2020 17:52 Comment(s)

How to speed up your home loan approval

Asking how long it takes to get a loan approved is like asking how long a piece of string is. Every application is unique; the duration 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 loan approval is possible depending on the lender’s criteria, the complexity of the deal and turnaround time. It is possible when the client’s lending position is relatively straightforward in terms of employment, asset and liability position. Also, if a valuation was not required due to a low LVR, and both parties are happy with the contract price.

If you are 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. Still, a lack of preparation can cause this delay to snowball. When there are such delays, and then a lender must organize a valuation or request further information, this can lead to lengthy process time.

We 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.

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Our mortgage brokers are also qualified accountants.

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 us, and convey as much detail as possible in relation to your requirements and objectives and have good, current information on your financial position.We will request this information via our secure Fact Find Forms. We will need to not only have your financial details but will also need to take responsible steps to verify it.

Submit your bank statements via BankStatements.com.au

We need your most recent bank statements to verify your income and expenses. The easiest way is to retrieve them online using the form below - this is secure and fast.

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, as long as it’s accepted by your chosen lender – but after checking with us.