Blog How long does it take to get a home loan approval?

How long does it take to get a home loan approval?

07 September 2017
How long does it take to get a home loan approval?

Find out if you qualify

Every borrower, lender, and loan is unique, so loan approval times can vary widely. Generally speaking, for a basic scenario where the clients have prepared their supporting documents, a home loan approval can be sought in as little as 3 to 5 business days.

More complex situations will obviously take a longer time to get an approval than simple loans. The standard process for getting a home loan is as follows.


Getting a pre-approval on your home loan can make the process much quicker. You’ll know the maximum amount you’re allowed to borrow and what your mortgage repayments will be. Also, this will give you an idea on what type of properties you can purchase and in what location. Going through the pre-approval stage early on will save you time in the home loan approval process later. This can be done within the day with your home loan lender or in minutes online with

Submitting your application

To get a home loan, you’ll need to fill out an application form provided by your lender, then you need to submit necessary documents supporting your financial information including your income, expenses, and liabilities. If you get a loan with you can do this all online at a time of your convenience. You will then need to speak with a mortgage specialist to review your application and help you choose the most appropriate loan.

The documents most lenders ask for are:

  • Payslips for the last 3 to 6 months. If you’re self-employed, you need to submit Business Activity Statements for the past two years.
  • Evidence about other sources of income such as a rental property
  • Bank statements such as savings accounts, and term deposits
  • Statements of current debts and expenses such as credit cards, HECs debts, phone bills, and rent to name a few.

Once you’ve submitted the documents, your lender will assess your home loan application. This may take 3 to 5 business days. If you don’t have or can’t provide all of the documents needed, your home loan approval will take a longer time.

Property valuation

After reviewing your application, your lender will then arrange for a property valuation on your chosen home. This process can take 3 to 5 business days, because after valuation, the person will need to send in the report and your lender will review the valuation.  

Paying for Lender’s Mortgage Insurance

If you borrowed more than 80% of the value of the property, you will be required to pay Lenders Mortgage Insurance or LMI. This may take 1 to 2 business days after the property valuation has been received.

Loan approval

If your property valuation falls within the expected range, the credit assessment is positive, and if any required LMI has been purchased, your home loan will be approved. You will then be sent an approval letter for your loan or meet with your broker for the mortgage contract.


Settlement is the final stage in the home loan approval process. Settlement is where you contact your conveyancer or solicitor to arrange the necessary funds to complete the purchase. After the settlement, your lender will give you your home loan details, repayment amount, and your repayment schedule.

Get started now with your home loan application by applying for a pre-approval with