HOW LONG DOES THE BANK TAKE TO APPROVE A HOME LOAN?
Once we have submitted the loan application, the selected lender will need to assess the application. All lenders have different timelines but most fall within the below time schedule.
- INITIAL LENDER REVIEW: +3 DAYS. The lender checks to make sure their credit team have everything required to assess the application
- VALUATION CONDUCTED ON THE PROPERTY: +4 DAYS. Access to the property is required and is usually co-ordinated with the real estate agent involved. It is not unusual for this step to be delayed by the difficulties with co-ordinating the real estate agent and the tenant/seller of the property.
- LMI ASSESSMENT (IF APPLICABLE): +2 DAYS. The Lender’s Mortgage Insurance provider will review the application as they have different requirements to the lender.
- FINAL ASSESSMENT: +2 DAYS. Lender’s final credit review of the application. The lender will assess and cross-check the application. Assuming a successful application, an unconditional approval letter is sent.