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.
Submission
A Home loan submission is a collection of documents that accompany a mortgage application sent to a lender for approval. It will include the lender application form, ID Documents, proof of income and employment details and any assets and liabilities. Submissions are normally organised by a mortgage broker or a loan officer at a bank branch.
The lender will review the application and all the supporting documents to assess if you’re a worthy candidate to lend money too. If the mortgage is approved, they will provide you with a loan offer detailing all the terms and conditions.
Home loan approval can take a day or 2, or up to a week or so to complete depending on what type of loan application you’re applying for.
If you are diligent and get all the paperwork to your mortgage broker in a timely fashion than it can be submitted quickly and on the way to conditional or unconditional approval fairly fast. If you feed your mortgage broker documents in dribs and drabs it will take much longer for them to get everything together and packaged for submission.
After submission more complex applicants (i.e. Self-employed or SMSF) will take much longer than an applicant with simply PAYG employment, every situation is different and sometimes it is the lender asking for more information and out of your mortgage brokers hands on how long things take to get approved.
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