Loan approval timeframe - short settlement

Hi,

What are the timelines like these days with the major lenders? I am eying a property, the vendors expect a 30 day settlement and there isn't room for negotiation.

My case is pretty straightforward, but I recall some discussions about loans taking a long time to be approved - is this likely to be a challenge?

 

Depends on the particular lender
30 day settlements can still be achieved

 

Attached is an extract from a last months survey on bank service levels. Unfortuantely this only shows how long it takes lenders to pick up the application. It doesn't show the rest of the funding process such as generating loan offer documents, verifying the signed documents and being ready to settle.

Generally speaking I'd say that Macquaire and ING are leaders overall, with the big 4 banks being well behind.

 

Thanks, seems I have some good options

 

If its 80% lend, payg, some lenders are at 1 day subject to valuation, others could be 5 to 10days to pick up the app.

Thus settlement in 30 days is doable.