Asking how long it takes to get a loan approved is like asking how long is a piece of string. 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 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 turnaround time. This is possible when the client’s lending position is fairly straightforward in terms of employment, asset and liability position, and if a valuation wasn’t required due to a low LVR and both parties were happy with the contract price.
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.
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 of the supporting and necessary documentation upfront, and convey as much detail as possible in relation to your requirements and objectives, and have good current information on your financial position.
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.
For more information contact me on 0402 203 303 or firstname.lastname@example.org.