Hi Andrew, As everyone has said, it does depend on the lender but if all documents are supplied, an average would be 2-3 days. I am in the same area if you would like to get a second opinion. I do not charge a fee so you have nothing to lose
Hi Andrew, I can see the underlying issue is you cannot contact the broker who lodged your application. Regardless of different lenders turnaround times, it is the brokers job to set client expectations and then keep them informed through the entire process. Any one of the brokers who have replied to your enquiry will be better than your current one. Contact any one of us to receive the service you deserve.
Hi Andrew, the turn around times do depend on your chosen lender, currently they are on anywhere between 2-10 days. As a broker we can advise prior to submission the service level for file assessment so you are informed every step of the way. Happy to assist if you need I am not far from your area. Cheers Vincent
Hi Andrew, i am in your area and i can have a conditional approval within 24 hours from application lodgement. if you already made an offer and all your documents are in orde****.en you are good to go. just give me a call so i can get you started.
Hi Andrew Thank you for your question Pre-approvals are a matter of the lender's current service levels and your financial circumstances. Lower lending to value ratios usually are quicker, up to 75% lending, 24 hours – 48 hours. Based on your description you look at 95% lending + Lender Mortgage Insurance 2 to 10 days’, after the application has been submitted and all documentations are present. As above mentioned you could talk with the Real Estate Agent and put an offer in, However, you need a 28 day subject to finance clause. The subject to finance clause, you need anyhow as the chosen lender will do a property valuation. The finance clause will give you the right to revoke the offer in case the valuation is lower than your offer, and the lender is not giving you the amount you need. Please do not hesitate to ring or email me if you have more questions or need help just click on my profile. All the best Guido
Hi Andrew, To keep it simple all banks have different assessment processing times with various time frames between 2 hours and 2 weeks. As a guide of current times this week, I have received a fully assessed pre approval within 2 hours for a 95% lend after forwarding all supporting documents and a conditional approval for a $1m loan just under 80% with valuation provided which is subject only to providing one additional readily available document in under 3.5 hours.
HI Andrew, Depending on which lender your broker is using then the response times for a pre approval can vary from a 24 hours to more than 10 business days. Most lenders will publish their current service levels at least once a week so when putting in applications with my clients I always set the expectation that the an answer will take a couple of days more than than that lenders SLA. Depending on your specific circumstances a pre approval is not required to put in an offer on a property. Again with my clients depending on their circumstances I am usually able to advise them on the chance of success with their application for a loan and if they are happy to accept that chance they can go and put an offer in on a property. If you do decide to put an offer in please ensure that you make that offer Subject to Finance along with any other clauses you may want. You could also ask for 28 days for finance to give yourself longer to secure the finance. If you have any more questions feel free to reach out. Regards Nathan
Depending on the bank to be honest, for a fully assessed pre approval looking at between 2/3 days as long as the bank don’t come back with questions. More than happy to help should you need just click on my profile, jess
New home loans from 2.88%
Find out more
Belinda
Hi Andrew, As stated by all the previous Brokers 2 to 4 days is the usual turnaround time. I suggest you start chatting with your choosen broker and allow them to ask questions that may help you and possibly speed up the process. Congratulations for taking the step towards your future as a property owner. Regards Belinda Sukoski - DFGA