In Australia, the Big 4 Banks are Commonwealth Bank, Westpac, National Australia Bank, and ANZ. With the simplest home loans, each of these banks may need only a day or two to approve your application. For instance, if you:
- Are an existing customer
- Have stable employment
- Have steady income
- Are applying for the most basic home loan (owner-occupied, low-risk location)
Approval complications:
If you fit all the criteria listed above, your loan may only take a few days to approve. However, if you are a new borrower or customer, have non-traditional income, are applying for investment loans, construction loans, etc., you may have to wait longer for your loan to be approved. Other reasons one of the Big 4 Banks may take longer to approve your application is if:
- You’re using rental income
- You’re self-employed
- You’re applying for a low doc loan
- You’re purchasing a property in a high-risk area
The approval process takes longer in these cases because it takes longer for your income to be verified. In addition, the valuation of your property may be more complicated.
If my Loan is Complicated, Can I Still be Approved Quickly?
Yes, even if your home loan is complicated, you should still be able to be approved within a week or two if you apply through one of the Big 4 Banks. However, if you need approval faster, you could consult with the specialists at Mortgage House. We are a non-bank lender that specialises in non-traditional income (such as rental income and self-employment) and high-risk loans.
