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Every home loan application is unique, so the time between your first contact with your broker and approval can never be predetermined. If an application is not completed correctly, you risk delays in approval, or even being declined by potential lenders. There are, however, some things you can do to help the process move quicker.
 
Be prepared
In order for a lender to assess your capacity to service loan repayments, every financial detail must be taken into account.
 
Other than the obvious documentation that needs to accompany an application – satisfactory identification and evidence of income by way of pay slips – many lenders will expect to see a reference from your employer, group certificates or tax returns, and records of any investments or shares that you might have.
 
If you are self-employed, you will need to organise alternative documentation to prove income, such as financial statements relating to the profit and loss of your business going back two years. By having all your documents organised and a savings and repayment plan documented, as well as evidence that you can commit to the plan, you will increase your chances of receiving the loan you are after.
 
Disclose all information
Lenders want to see proof that you are capable of managing the responsibility of the loan, through steady employment, a good credit history and a debt-free approach to your financials. To avoid back and forth requests, which can delay your home loan application, ensure your lender has a thorough understanding of you as an applicant including appropriate identification of all borrowers.
 
Skip the valuation queue
Not all home loan applications require a valuation, depending on the property and lending institution and forgoing this step can save a considerable amount of time. You can also save time by having a valuation completed prior to your application, if it’s accepted by your chosen lender, but check with your broker first.
 
If you’re looking to seek pre-approval, apply for a home loan or want to know more about the home-buying journey, reach out to our award-winning team!

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IMPORTANT LEGAL STUFF:

This page provides generic information only; it was created without considering your individual goals, requirements, or financial condition. Before accepting any offer or product, we advise you to think about whether it is appropriate for your situation and to assess your entire financial status. It is not intended to be legal, tax, or financial advice, and you should always obtain a professional's opinion regarding your particular situation. All loan products are subject to lender requirements and approval. Fees, terms and conditions apply.

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