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How to speed up your home loan approval?

When asking how long does it takes to get a loan approved is like asking how long a piece of string is. Every application is unique, so the time between your first meeting with your broker and approval can never be predetermined. But there are couple things you can do to help you speed up the application process.

It is very rare but same-day loan approvals are still possible but it all depending on the lender’s criteria, the complexity of the deal and the turnaround time. “In my experience, this has been possible when the client’s lending position is very straightforward in terms of the employment history, asset, and liability position,” says Kevin Poh from Ace Broker.

Sometimes, if you’re not prepared, it could take up to a month. The most common reason for a delay is a lender’s turnaround time to assessment, especially when some lenders have very competitive offerings and experience larger application volumes but lack of preparation can also cause this delay to snowball.

A good finance broker will help you take all the necessary steps to ensure fast home loan approval but there are few simple ways you can also help increase the process along before your first meeting with your broker.

1. Disclose all information To avoid any further back and forth requests, which can delay your application, ensure your lender has a thorough understanding of you as an application including appropriate identification of all borrowers. Provide all the supporting documents upfront to your broker and also telling them as much detail as possible in relation to your requirements and objectives and have a good & current information on your financial position. Your broker will not only need to know your financial details but they also need to take reasonable steps to verify it as required by the lender.

2. Order upfront valuation You can save so much time by having an upfront valuation done prior to your application, some lenders allow you to order upfront valuation. First, check with your broker which lender allows order upfront valuation.

To ensure your application avoids any unnecessary delays, speak to Kevin on 0415820016 , how he can help you to speed up your home loan approval.

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