There are many banks you can choose from when applying for a home loan. However, the Big Four are Westpac, National Australia Bank, ANZ, and Commonwealth Bank. With straightforward, simple home loans, the big banks may need only a few days to approve your home loan application. The approval process may be this fast if:
- You are already a customer with the bank
- You have stable employment
- You have a steady, good income
- You are applying for an owner-occupied home loan in a low-risk location.
What can complicate the approval process?
If you are applying with any of the Big Four banks and fit the above criteria, your home loan application may be approved in just a few days. However, if you don’t fit the requirements, the approval process may take longer. Some reasons banks may take longer to approve your loan are:
- You are a new borrower.
- You have non-traditional income, such as rental income, or are self-employed.
- You are applying for investment loans, construction loans, or other non-owner-occupied loans.
- You’re applying for a low doc loan.
- You’re purchasing a home in a high-risk area, such as the inner city.
These loans take longer because the bank may need more time to verify your income, or the property valuation may be complicated.
Can I still be approved quickly if I’m a non-standard borrower?
If you are a non-standard borrower and apply for a home loan with one of the Big Four Banks, you should still be approved within a week or two. However, due to the current housing market, this may still be too long. If you are a non-standard borrower and need approval quickly, the brokers at Mortgage House can help.
