Getting Pre-approved

Getting Pre-approved

Consider timeframes and set your expectations

How long will you have to wait for an answer on your home loan application and what can you do to increase the chances of a fast approval? We'll explain here.

How long does the approval process take?

To guarantee the fastest possible turnaround time, you should ensure that all information provided is as complete as possible. Take note of the required documentation and make sure that it’s all provided. This could include things like:

  • proof of identification,
  • recent payslips,
  • account statements, and
  • credit card statements.

Once the application is submitted to the lender or banks, they will prioritise it in their system. If it’s a straightforward deal, then you'll typically hear back from them in 5-7 working days. But if there is information missing or extra information required then they’ll contact your mortgage broker and let them know. The bank will then send the ‘approved’ pre-approval to your mortgage broker/financial adviser. They will then notify you that you’re pre-approved.

A tip, even if you are pre-approved, it’s typically subject to conditions and one of the standard conditions is the bank needs to approve the property first because the banks want to know the security (property) is safe eg. not a leaky building. If you're going to auction, then you'll need to have an 'unconditional' approval, rather than a pre-approval offer.

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