The Home Loan Approval Process

Following the lodgement of a home loan application, hopeful borrowers are often keen to know what will happen next and how long it will take for them to receive the verdict. The bad news is that there is no one-size-fits-all answer. The good news, however, is that a solid application is a key to keeping the approval time short.

The amount of time it takes for you to receive a response to your home loan application can vary. An answer is usually received between two days to two weeks, depending on a range of factors.

“For a reasonably straightforward application, it’s 48 hours to final approval. But, depending on how complex the circumstances are, it can take longer than that,” from our experience.

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Before offering conditional approval, your potential lender will need to make an assessment of your application and conduct a valuation of the property. Of course, having a valuation that is acceptable to the lender done in advance will expedite the process.

“With pre-valuations, the intention is to support an application rather than to make or break it,” from our experience. “There are a few things that can result in an application not being approved based on valuation, like zoning, property size, or if the condition of the property is poor enough that major repairs would be required before it could realise its market value.”

The lender will also assess your capacity to repay the loan amount you have requested. We work with you to define this before your application lodgement. Therefore, if you provide your accurate information about your salary and liabilities come into consideration and process the application faster.

The credit review by the lender can include a bit of back and forward. Therefore, we work through with you before even we submit your application to the lender to find.  According to your personal situation, we place your application for the particular lender which make your application process a lot faster.

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If you have any questions regarding your home loan process you can always contact us.


Disclaimer: This article is generic in nature. All finance and investment decisions should be considered wisely and based on your personal and financial circumstances. Seek proper advice before committing to any course of investment action. This is not deemed as advice. To the extent permitted by law, 360 Expert Mortgage Solutions is a Business run by Shree Krishna Dhungana | ABN 45103859215 | Australian Credit Representative (467969) of BLSSA Pty Ltd ACN 117 651760 (Australian Credit License 391237), its related employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication.

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