The time it takes for a loan application to get approved varies greatly depending on the lender, scenario and sometimes the urgency to obtain finance. Often the lengthiest part of the process is our clients gathering all the appropriate documents and sending them to us. Once we send an application through to the bank it takes on average 2-7 days to get formal approval from the bank. With some lenders we also get priority in the queue due to our relationship with the banks.
However as a general rule, its best to be well prepared, especially when it comes to buying new property as there are a number decisions that need to be made when applying for finance – not just the lender, product and loan amount. Have a chat to us about timing if you’re unsure or have a read of our other FAQS “The Loan Process” and “Pre-approval.”
