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 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 approvals are possible depending on the lender’s criteria, the complexity of the deal and turnaround time. As a mortgage broker, with our years of experience, this has been possible when the client’s lending position is fairly 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.
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. This is can be very common with some second tire lenders. When there are such delays and then a lender must organise a valuation or request further information, this can lead to a lengthy process time. At Mel Finance Services, we always update the client prior to submitting their loan application about the turn around time and what to expect next.
A good home loan broker like us, 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. Such as getting organised last 3 consecutive payslips, 100 points identification and last 3 months savings account statements can be ready prior to our first appointment.
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 as we requst, and convey as much detail as possible in relation to your requirements and objectives and have good, current information on your financial position. As your Finance broker Melbourne, we will need to not only have your full financial details but will also need to take reasonable steps to verify it. This is part of our due diligence to ensure that we will recommend you an unsuitable loan what so ever.
Skip the valuation queue
Usually a standard valuation request can be taken 7 business days to complete. However, Not all applications require a valuation, depending on the property and lending institution, and forgoing this step can save a considerable amount of time. At Mel Finance Services, we know what lenders will accept the contract of sale with out a valuation in order to provide you an efficient service. Simply, this demonstrates our years of expertise in the industry and our updated ongoing knowledge with lender policies and products. These reasons will ensure that you will have a seamless, hassle free home loan process.