Waiting time for pre-approval

Discussion in 'Loans & Mortgage Brokers' started by Hyong J. Cho, 9th Apr, 2021.

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  1. Hyong J. Cho

    Hyong J. Cho Member

    Joined:
    5th Mar, 2021
    Posts:
    7
    Location:
    Sydney
    Hi all,

    I have submitted an investment loan application to ANZ but the process is being delayed.

    I already have two investment loans with ANZ and it is my third with them. What is the average
    waiting time to get a loan pre-approval from the lender?

    It's been more than a month to wait and I am now considering to find a loan from somewhere else.
     
    Hyong J. Cho, 9th Apr, 2021
    #1
  2. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,685
    Location:
    Perth WA + Buderim Qld
    Pre approvals are the bottom of the barrel when it comes to priority - highly suggest you speak to a broker as you'll find the same with most lenders right now.
     
    Jess Peletier, 9th Apr, 2021
    #2
  3. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

    Joined:
    23rd Aug, 2015
    Posts:
    1,577
    Location:
    Bella Vista
    1 month seems a little long unless they are asking you for more documents.

    Currently should be around 15 business days.
     
    Tony Xia, 9th Apr, 2021
    #3