Asking how long 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 our first contact and an approval can never be predetermined. There are, however, some things you can do to help hurry your application along.
Although very rare, same-day loan approvals are possible. This depends on the lender’s criteria, turn around times and the complexity of the deal. In our experience, this has been possible if the Client’s lending position is fairly straightforward in terms of employment, asset and liability position.
If you’re not prepared, it can take a very long time to tick all the boxes. However, the most common reason for a delay is a lender’s turnaround time to assessment. This is particularly the case, when they have competitive interest rates and cash back promotions and therefore experiencing high application volumes.
Enter Two Birds…
We will help you take all the necessary steps to ensure a speedy approval. There are however, some simple ways you can help to expedite the process before your first meeting with us.
Disclose all information
To avoid lots of back and forth, we need to ensure the lender has a thorough understanding of you as an applicant, including appropriate identification of all borrowers. Ideally, we require you to provide all the supporting and necessary documents upfront and convey as much detail as possible. That may be in relation to your requirements, objectives and current information on your financial position. We will need to not only have your full financial details but will also need to take reasonable steps to verify it.
Skip the valuation queue
Not all applications require a valuation however you can also save time by having a valuation completed prior to your application. We will more than likely suggest (and organise) when we are collating all your supporting documentation.
If you have any further questions, don’t be a stranger – we love to chat. Contact us HERE