When the right property comes along, everything moves quickly. You sign the contract, shake hands, and suddenly you’re staring down a settlement deadline — typically six weeks away — with a home loan still to sort out. Miss that window, and the seller may be within their rights to charge penalty interest and fees. So yes, timing matters.
The good news is that lenders have been getting faster. Recent data from the Broker Pulse survey shows record-low approval turnaround times at several major banks, with smaller lenders picking up the pace too. But don’t bank on speed alone — there’s plenty you can do to keep things moving on your end.
How Long Does Approval Actually Take?
Some lenders advertise approvals in as little as an hour. Treat that with healthy skepticism. A more realistic timeframe is four to six weeks from application to funds available. If you’re working with a tighter deadline, the focus shifts to finding a lender with faster processing times and making sure your application gives them nothing to slow down on.
One important note: the fastest loan isn’t always the right loan. Getting approved quickly means little if the product doesn’t suit your situation long-term.
5 Ways to Speed Up Your Application
1. Talk to a broker first. Before you start comparing rates or filling out forms, get a clear picture of your borrowing power, deposit requirements, and whether your finances are lender-ready. A broker also has visibility into current turnaround times across lenders — useful intel when speed matters.
2. Get your documents together early. Lenders will ask for payslips, bank statements (typically three to six months’ worth), photo ID, and proof of address, among other things. Having these ready before you apply removes one of the most common causes of delay.
3. Keep your finances stable. Starting a new job, switching to self-employment, or making large unusual purchases right before applying can raise flags and trigger additional lender queries. Stick to your normal spending and saving patterns where possible, and hold off on big financial changes until after settlement.
4. Double-check your application. Errors or missing information send your paperwork back to the start. Take the time to review everything carefully before submitting — or have your broker review it for you.
5. Consider loan pre-approval. Rather than applying for finance after you’ve already paid a deposit, pre-approval lets you go into negotiations knowing exactly what you can borrow. It reduces last-minute stress, tightens your timeline, and can strengthen your position when making an offer.
The home loan process doesn’t have to be a scramble. With the right preparation — and the right support — you can move from application to approval with time to spare.
