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How long will a home loan approval take?

Have you seen an amazing property and now want to move on it ASAP?

This is what you should know about how long a home loan approval takes.

Approvals differ by lender

Depending on volumes of applications at the bank or lender, they can sometimes be ‘swamped’ and require longer to process an application.

Usually, 2-4 days is how long most banks take to respond with Conditional Approval. Sometimes, this can be as quick as 2 hours.

Complex deals can take longer

If you have a complex deal type, such as self-employed income, over $2-3m in lending, trust structures, or guarantors, it can take longer to assess as a senior credit person in the bank will need to ‘sign off’ the lending.

This typically adds 2 days to the processing time.

What slows a home loan approval down?

  • The Bank or Lender is very busy (some lenders have backlogs which can take 4-14 days to give approval! Yuck!).
  • The applicant is disorganised, and cannot pull together the required documents or fill in the required information on time and with accuracy
  • There could be valuation issues. This is vital when refinancing, especially if you need any equity out quickly
  • The broker does not process your paperwork in a timely fashion. This can happen if the broker works alone, which 60% of Australian brokers do.

What we do to make things faster

  • High level of Broker responsiveness and availability to complete your application
  • We can meet via Video call to communicate and save travel time
  • Have a team of proactive assistants to chase things up and prepare documents
  • Collect documents digitally
  • We check lender SLA’s (Service level agreements) and portal systems regularly to get updates
  • Ask for all required documents upfront to ensure we can get rapid conditional approval and final approval
  • We order bank valuations upfront to avoid lengthy processing delays within the banks
  • Stay organised with professional cloud-based document sharing and paperless storage. This way, no physical file can go missing!
  • We use digital signing
  • We can electronically verify your identification




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