How can you 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, so the time between your first meeting with your broker and approval can never be predetermined. But there are a couple of things you can do to help you speed up the application process.

It is very rare, but same-day loan approvals are still possible. However, it all depends on the lender’s criteria, the complexity of the deal and the turnaround time. In my experience, it is possible when the client’s lending position is very straightforward in terms of employment history, asset, and liability position.

Sometimes, if you’re not prepared, it could take up to a month. One of the most common reasons for a delay is a lender’s turnaround time to assessment, especially when some lenders have very competitive offerings and experience larger application volumes but lack of preparation can also cause this delay to snowball. It is also crucial that you have provided all supporting documentation. Further delays are likely incurred when the lender is asking for information which should have been provided in the original loan submission.

A good finance broker will help you take all the necessary steps to ensure fast home loan approval, but there are few simple ways you can also help increase the process along before your first meeting with your broker.

1. Disclose all information

To avoid any further back and forth requests, which can delay your application, ensure your lender has a thorough understanding of you as an application including appropriate identification of all borrowers. Provide all the supporting documents upfront to your broker and also telling them as much detail as possible about your requirements and objectives and have excellent & current information on your financial position. Your broker will not only need to know your financial information, but they also need to take reasonable steps to verify it as required by the lender.

2. Order upfront valuation

You can save so much time by having an upfront valuation done before your application, and some lenders allow you to order upfront valuation. First, check with your broker, which lender allows order upfront valuation.

To ensure your application avoids any unnecessary delays, speak to Kevin on 0415820016, to see how he can help you to speed up your home loan approval.

Disclaimer: We recommend that you seek independent financial and taxation advice before acting on any information in this newsletter. It contains general information only and has been prepared without considering your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. Interest rates are subject to change without notice. Lenders terms, conditions, fees & charges apply.