People buy homes for various reasons. It can be a major decision to live with a partner or a necessity of moving to a new school or job. Whatever the reason, this process will involve plenty of negotiations and paperwork with the right property owner. Once you’re finalised arrangements, you’ll need to settle on a final offer to pay for your newfound dwelling.
Getting a home loan is necessary for most people buying their first home. Since it’s next to impossible to pay for real estate out of your own savings, you need to look for a lending company to supplement your financial needs. Unfortunately, the loan approval process can take a long while for various reasons. This delay can be problematic for homebuyers who need to meet a specific deadline with their realtor.
How to Minimise Home Loan Approvals
The property market in Australia is burning up, with home loan applications building up as borrowers try to get approval for their financing needs. Unfortunately, this process can take anywhere from a few weeks to several months, depending on the lender’s initiative and restrictive state policies.
In some cases, borrowers can get their home loan approved on the same day. However, a more realistic turnaround date would be 14 days from your submission. The reason it could take longer than that depends on your lack of preparation.
In this article, we’ll share three tips to get your home loan approached as early as soon as possible.
1. Consider Testimonials from Other Borrowers
Before committing to your chosen lending company, you need to ensure if they can accommodate your needs. Look for customer reviews online on different brands to see how well they serve their clients. If you’re not sure about the testimonials you see, you should ask friends, relatives, or coworkers about their chosen lending service. While it’s great to seek opinions from people you know, you’ll have a better chance of asking mortgage experts on local lending providers.
2. Have All Your Documents Ready
Once you’ve settled on a shortlist of potential lending providers, you can now prepare your documents. Even if you have a mortgage broker, you’ll still need to prepare the majority of your requirements. This includes billing statements, proof of income, and other financial paperwork to showcase your reliability as a borrower.
While some lending companies will vary in required documents, they all look into your financial details to verify your credibility as a paying client. The more information you can provide, the better your chances of getting quick approval. For this reason, you can also gather and organise your financial documents even before settling on the right home loan lender.
3. Avoid Valuation Queues
Keep in mind that not all loan applications will need a valuation. This is because valuation queues will depend on the property, its location, and your chosen lending institution’s policies. If you’re under a tight deadline, you can opt to forgo this step. Alternatively, you can have a valuation completed before your application to save you time.
No matter how well you prepare for your submissions, the processing time will still depend on your chosen lending provider. Sometimes, you could have everything ready to go without any complications and still run into long home loan approval times. For this reason, it’s necessary to work with reliable mortgage specialists to seek the right home loans for you.
The best way to secure the right loan is by listening to experts in the industry. If you’re looking for a mortgage broker in Melbourne, our home loans specialist can help. We offer a free, no obligation quote for your new mortgage requirements to simplify your loan approval process. Contact our lending experts today!