How long does it take to get a home loan?
You’ve seen a property on the weekend that could be, ‘the one,’ and it’s being sold at auction soon. The problem is, you’re not pre-approved, you haven’t spoken to anyone about finance, you’re not sure how much a bank would lend you and you have no idea how long it will take to arrange a home loan.
Question: Do you have a chance of being ready for auction day?
Answer: It depends.
It depends on a whole host of factors, including:
- how quickly you provide your information to us
- how complex your finances are
- what type of loan you’re looking for
- whether Lenders Mortgage Insurance is involved
- lender’s current processing timeframes etc.
If you want to give yourself every chance of being ready to move on a property you like, here are the steps we suggest you take BEFORE you start house hunting.
Talk to us first – sooner rather than later
We’ll investigate your borrowing capacity and talk to you about the different lending options available, before helping you apply for a loan.
Sorting out finance before you have a property in mind is always a better approach, because you’re not making rushed decisions in the interests of acting quickly.
There can be a lot to consider when selecting the right loan. It’s important you understand all the options available, so you can be sure to select the right one for you.
Arrange your pre-approval
Once you’ve decided on a loan structure, lender and how much you want to be pre-approved for, we can prepare the paperwork and lodge your application with a lender.
From there, it can take some time for the lender to review your application before issuing pre-approval. Lender processing times vary based on the volume of applications they’ve received that day/week.
So, if there’s an upcoming auction you want to be ready for, the speed of lender processing may become a deciding factor in which lender you decide to go with.
Know what you’re looking for
It’s easy to be attracted to properties that are nicely presented, instead of those which have the qualities you want, but aren’t quite so glossy.
Purchasing a home – whether it’s your first home, your first home together, or even the home your little one will grow up in – is going to be an emotional process.
Just do what you can to remember your non-negotiables. Because this will help you to see past that property that doesn’t quite have the living space you want, but does have an outdoor spa you didn’t know you needed until now.
If you’ve already found a property you like and haven’t spoken to us yet, please reach out to our team right away.
If the timeframe is too tight to have finance arranged for this specific property, let’s make sure you’re ready for the next one that comes along!
