Approval process timelines for the loan

Discussion in 'The Buying & Selling Process' started by Canopy, 25th Sep, 2020.

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  1. Canopy

    Canopy Well-Known Member

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    Hi ,

    Is anyone able to provide insight into what timeliness current big 4 banks may have for a loan finance approval . Submitted a offer subject to finance (14 days ) . is it a realistic timeline if already Have a preapproval or it may be a stretch ?

    thanks
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    8 days to 8 weeks
     
  3. Morgs

    Morgs Well-Known Member Business Member

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    If you've already got a pre-approval it should be a relatively quick turnaround; unless there is a substantial change to the application then certainly should be done within 14 days.

    The biggest pain point is for new applications when they're first lodged.