For an existing customer with stable employment, secure income, and who is applying for the most straightforward home loan, any of the Big 4 Australian banks may take only a day to approve a home loan. The Big 4 banks are ANZ, Commonwealth Bank, National Australia Bank, and Westpac. However, while these fast turnaround times are great for people who meet the above criteria, for new borrowers or those with non-traditional income applying for more complicated home loans, the process can still take a while.
What Complicates the Approval Process?
Even with these quick approval processes for traditional home loans, the Big 4 Banks still have longer turnarounds for more complicated home loans. Such complications include:
- Rental income
- Self-employment
- New borrowers
- Low doc loans
- High-risk property
- Investment loans
- And more
These factors complicate the loan approval process because income verifications can take longer, property valuations may be more involved, and miscalculations and miscommunications may occur.
The Mortgage House Difference
Mortgage House is a non-bank lender specialising in non-traditional income and high-risk loans. As a non-traditional lender, we can approve your home loan faster because we understand how to calculate all forms of income and know which documents are required for each type of home loan. In addition, our mortgage brokers have the resources to work directly with you and our approved lenders to find a mortgage that fits your needs. So whether you are a current customer or a new borrower, we can have your loan approved faster than traditional banks.
