Home Loan Approval Time

Learn about how long your home loan's approval time may be in Savvy's comprehensive guide.

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, updated on August 7th, 2023       

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There are a number of steps involved and ways that you can help speed the home loan approval process as a borrower.

The sooner your home loan is approved, the sooner you will be packing your bags to head to your brand new home.

How long does getting an approval on your home loan take?

Home loan approval times can vary from lender to lender and loan to loan. Generally, home loans will take between four and six weeks to be fully approved and settled.

A strong borrower who earns a good income, has an excellent credit score, a strong employment history and any other good borrowing characteristics will likely see a relatively short home loan approval time. Depending on the lender, you could see approval come within a fortnight.

Higher risk borrowers will likely see a further drawn-out home loan process.

Your home loan approval time will also be dependent on the home itself. You will see a quicker process if your property complies with the following:

  • It meets the lender’s specific lending criteria.
  • It is comparable with properties within the same or similar areas.
  • Its value is equal to the amount being loaned.

The method of property valuation that is selected by the lender will also affect the time it takes for the process to be completed.

How do I compare and apply for a home loan approval?

Comparing different home loan products to find the best one for you should be a key step in the process for any borrower.

To do this, you can search the lender market yourself to try and find the best deal and you could even speak to a mortgage broker. They will usually possess an in depth knowledge of the field and hold a solid relationship with lenders.

But to see various home loan products and their specifications, you could also reviews Savvy's rate table. This will provide a very useful insight into what is on offer in the industry and will help you to make an informed decision.

Once you and any co-applicants have absorbed all of the information required, pick the lender that is right for you and start working through their home loan process.

Step-by-step guide to the home loan approval process

Top tips to shorten your home loan approval time

Be prepared

Before starting your home loan application, you should come prepared and know everything about yourself as a borrower.

Whether that means knowing your credit score or anything else to do with your borrowing status, knowing all your details will prevent any surprises and will mean you can move through the process quicker.

Carefully read each document you are presented with

Carefully reading every document minimises the risk of misunderstanding and mistakes from all parties involved. It will also allow you to gain a better and clearer understanding of the process at hand, what is happening at any given time and what to expect in the near future.

Remain timely

Remaining timely with all documents and responsibilities will take the pressure off of you and all other parties involved. It will also considerably speed up the process.

As soon as you get given a new document or need to call a lender about something, make sure you do so as soon as possible.

Disclose all information in full detail

Whether you’re in a conversation with your lender or any other relevant party, it is important to disclose all information with 100% detail.

This ensures that each party is on the same wave length and will allow the whole process to run transparently and smoothly.

Start your application at the right time

Usual business cycles for lenders run from month to month, so beginning an application in the middle or towards the end of a month could mean you start down the pecking order. 

Starting your home loan application at the beginning of the month will not only improve your home loan approval time but will mean you have a good chance at remaining at the top of your lender’s pecking order until your application is complete.

Common questions about home loan approval times

Which lenders are the fastest to approve home loans?

This is hard to say and really depends on each and every situation. However, there are some lenders who pride themselves on their loan approval times such as Tic-Toc, Bankwest and ING.

How can I speed up the valuation process?

It depends on the availability of the valuer and the process of valuation that they use on your property.

Properties that are not comparable with others in the same area will likely take longer to find a valuation on.

How long is home loan approval valid for?

After you receive pre-approval on your home loan it will last for 3-6 months.

What do I do if my pre-approval expires?

If your pre-approval expires all you need to do is re-apply. You should be accepted fairly quickly, unless there has been a change in situation since your last pre-approval.

What can I do if my lender is taking a long time with my application?

You should get in touch with your lender and try to find out what the status of your home loan application is. You could also look to submit a formal complaint to your lender which may help in speeding the process up.

Would a mortgage broker help in speeding up my home loan approval?

Mortgage brokers can be a large help to not only those looking to shorten their home loan approval time, but those looking for a home loan in general. 

Mortgage brokers are professionals in this field and will likely know what is needed to speed up the process.

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