An explanation of our current processing times
In the home loan game, time is money (literally), so we are constantly working hard to ensure we keep to the tightest deadlines possible.
On the other hand, we also understand the value of ‘getting things right’ to avoid delays further down the track, sort of a measure twice, cut once, approach.
In order to do so, we’ve set ourselves targets to adhere to in order to keep ourselves on track, and you can find them all here.
Here are the lead times you can expect with your application
Units above are based on business days, and do not include weekends or Australian public holidays. They are based on our processing and expected lead times only.
*Complex files include (but are not limited to) self employed, more than 2 properties, and guarantor applications. The days noted are in addition to the SLA’s for urgent or standard files.
Urgent files are where deadlines are required to be met. E.g. Cooling off period, Auction Date, Settlement Date, etc. We’ll look out for these indications to know whether your situation is urgent, although please advise us ASAP if there is another reason your file may require urgent attention.
Please see below a brief explanation of each stage, plus a quick video explaining what’s involved;
Stage 1 – Reviewing documents – This is the time it takes to process your documents once they are all received. As we receive your documents, further checks are completed which may result in further questions or requirements.
Stage 2 – Initial Assessment – Once we receive all of your documents, our Research Team will review them to work out your borrowing capacity and complete other eligbility checks in line with your requirements and objectives.
Stage 3 – Lender Research – This can sometimes happen at the same time as the initial assessmement, and involves our Research Team finding the best lenders and products available for your unique situation. This includes negotiating rates, using their servicing calculators, and checking policies. There can sometimes be delays outside of our control where lenders take longer to get back to us on more complex requirements.
Stage 4 – Application Preparation – Once you confirm the lender and product, our team will prepare the application and necessary compliance documentation for you to sign, and upload it into your portal.
Stage 5 – Application Submission – Once the signed application and any additional documents are returned, our team will submit your application to the lender via their specified lodgement platform
Stage 6 – Lender Assessment – The lender will follow their own assessment process to provide an outcome for your application. Due to our thorough process leading up to this point, we expect that it should be approved straight away, although lenders assessors are risk adverse by nature and may still have some clarifying questions. The lenders turnaround times vary greatly, and we include them in the product comparison email.