Service Level Agreements (SLA) – Residential Applications
At Peasy, we want you to know exactly what to expect when working with us. Our SLAs outline the typical timeframes we operate within for residential purchase and refinance applications.
Note: These SLAs are for residential loans only. Commercial and business loans are excluded.
Standard SLA Timeframes (All days quoted are business days)
| Stage | What Happens | Standard | Fast Track* | Notes |
| Initial numbers | Follow up information (including a personalised video where required) after a phone or video discussion of your numbers, borrowing power, and strategy with your broker. | 1 Day | 1 Day | Complex scenarios may require extra time, and your broker will let you know. |
| 1. Reviewing supporting documents | Once all required documents are received, we review them. (We also check as they come in so there are no last-minute surprises.) | 1 Day | 1 Day | SLA clock starts when all required docs are in. |
| 2. Initial assessment by Research Team | Full analysis of your documents and financial position. | 3 Days | 1 Day | This does not include specific research with our lenders. |
| 3. Lender & product options | We negotiate with lenders, check policy, and source the best options for you. | 4 Days | 1 Day | At this stage we’ll also tell you how long each lender is currently taking to process applications. Note that fast track timeframes doesn’t allow time for our lenders to provide us with their best offers. |
| 4. Preparing the application | Preparing and packaging your application for you to sign. | 2 Days | 0.5 Days | The clock starts after you select the lender from stage 3 |
| 5. Submitting the application | Final checks and submission to lender. | 2 Days | 0.5 Days | The clock starts once we receive the signed application and any other additional documents requested. |
| 6. Conditional approval | Bank/lender review and approval. | Varies by lender | Varies by lender | Beyond our direct control. Valuations and lender turnaround times can extend this stage. |
| Total | Total amount of time from stage 1 – 5 | 13 Days | 5 Days | This does not include the lenders conditional approval timeframe. |
Lender Turnaround Times
The lenders turnaround times vary significantly, with some as quick as <1 day all the way up to > 1 month. If your application requires urgency, we’ll ensure we are presenting you with options that can accommodate this and we’ll state each lenders timeframe at stage 3.
Rework
Where rework is required at a particular stage, the SLA restarts. For example, if you are provided with numbers at stage 2 and you require a new scenario, then stage 2 will restart. Also, if lender and product options are provided at stage 3 and the purpose or structure of the loan changes, we may need to revert to stage 2 which will add the timeframes of stage 2 and 3 once again.
Complex Files
Some applications naturally take longer due to additional complexities which require more detailed analysis and research. Complex files include:
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Bridging loans
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Applications for 3 or more properties
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Company or trust applications (multiple entities / complex structures)
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Guarantor loans
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SMSF applications
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Other highly complex scenarios (e.g. multiple valuations, layered ownership structures)
These types of files require additional time in stages 2 – 5 and can be up to 5 business days longer depending on how long our lenders take to get back to us on items such as policy exceptions, etc.
Fast-Track Option
Need things urgently? We offer an optional Fast-Track Service free of charge for customers who have a signed contract for a property purchase needing to adhere to a deadline.
For everything else, we offer a paid service to assist in meeting deadlines for other purposes depending on the complexity;
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$299 (incl. GST): For individuals/couples, up to 2 applications, non-complex. You can access the payment link here.
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$599 (incl. GST): For complex scenarios (as defined above). You can access the payment link here.
Note: Business days are Monday–Friday, excluding public holidays. Applications received late Friday will commence the following week.
Delays Outside Our Control
While Peasy commits to the SLAs above, some delays may be outside our control:
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Valuations (especially for refinances or unusual properties)
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Lender turnaround times (these vary by lender and will be communicated at Stage 3)
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Missing or incomplete documentation
FAQ
Q: When does the SLA “clock” start?
A: Once we have all required documents and your broker has confirmed we’re ready to proceed.
Q: What if my situation is complex?
A: Complex applications add 1 business day to Stages 3 – 5. There are cases where your application may be considered “complex” outside of what is mentioned above. If this is the case we will let you know.
Q: Can I pay to speed things up?
A: Yes. Our Fast-Track Service ensures Stages 1–5 are completed within 3 business days for standard applications and 6 business days for complex for a fee.
Q: Why is there a fee for Fast-Tracking?
A: It reflects the extra cost to our business — including overtime and outsourcing resources — to meet urgent requests.
Q: How often are these SLAs updated?
A: We review and update SLAs every 5 business days to ensure they remain accurate.
Q: How long will the bank take for conditional approval?
A: This varies by lender (from <1 day to 4 weeks). We’ll provide current lender SLAs when we present your options.