In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
The average time for formal approval takes about four to six weeks from submitting the application to your lender, to reaching settlement on the property. The time it takes to get a home loan approval can vary widely as there are many parties involved in the application process.
The first step is to apply for a home loan with a lender of your choice. Filling out an application form takes about 1-2 hours, whether you're applying alone or with someone else. The process can be sped up and simplified if you apply with a lender through a mortgage broker.
The turnaround time for your application will be 1-3 days or 4-7 days, depending on the complexity of your loan.
You should get a pre-approval if you want to get a home loan as soon as possible. A pre-approval gives you the confidence to look for a home while your application is still being processed. Knowing how much of a loan you've been approved for can help you create a budget.
When you find a property, you must apply to the lender for a valuation. Some lenders will simply go off the contract of sale and give you a formal approval if you're borrowing at 80%. Some will conduct a kerbside valuation simply to confirm that a property exists at the address provided.
In this case, you could potentially hear from the bank the next day with your formal approval. If a complete valuation is required, it could take up to 5-7 business days, depending on how quickly the vendor or real-estate agent allows access to the property.
Once a valuation has been undertaken and you’ve been formally approved, you can sign the contract of sale, with help from your conveyancer. At this stage, you should negotiate the settlement date.
