Is it possible to get a quick home loan approval?

This is a question I get all the time, how quick can my home loan be approved?

If you do need your home loan application approved quickly, then ask your mortgage broker how long your home loan application may take to be approved.

All banks and lenders have different assessment times, from when a home loan application is submitted to the bank, to when they first assess an application. These assessment times vary between each bank and lender, and can change depending on how busy a particular bank maybe at the time, and for example, periods like Christmas time where there might be a lot of staff on leave.

Your mortgage broker can give you these assessment times across various lenders, so you can make a decision on which lender may have the quickest approval time for your home loan.

When applying for a home loan, there are various questions and paperwork required, to apply for the home loan. We will need all the required questions and paperwork to submit the application.

We will also need to have a bank valuation of your property, and depending on the type of valuation required, which maybe a valuer visiting and inspecting the property, or it could be a computer generated valuation, where a valuer will compares comparative property sales in the local area, it may take a couple of days to get a valuation report back. If the valuer is visiting the property to inspect it, it will also depend on the time a mutual appointment can be made with the valuer and the person who can give access to the property.

Once we have the paperwork, questions required and the valuation report back, we can sign the application forms and submit it to the bank or lender. If a bank has a turn around time of 1 business day, it might be possible to have an unconditional approval within 1 to 2 days of submitting the application to the bank.

If, when the loan is assessed, the bank or lender has more questions or require more paperwork, then we need to address those questions, and it would take a little more time to have the loan application approved. It is important to have all the information required, when submitting an application, as it does help with quick home loan approval.

So, it is possible to have a home loan application approved quickly. The most important thing is to discuss this with your broker, to give your realistic time frames, so you can be given various options which may help in choosing a bank or lender which may suit your needs.

If you have any questions at all, please contact Perth Mortgage Broker Group, or call Troy on 0411 229 602, 7 days a week