How long does a home loan take to get approved?

February 7, 2023

When it comes to buying a home, one of the most important questions that potential homeowners have is “how long does a home loan take to get approved?” The answer to this question depends on a variety of factors, including the type of loan you are applying for, the lender you are working with, and the amount of paperwork you need to provide.

The good news is that with the right preparation and a bit of patience, you can get your home loan approved quickly. In this blog post, we’ll discuss the steps you can take to ensure a fast mortgage approval.

1. Get Pre-Approved

The first step to getting a home loan approved quickly is to get pre-approved. This means that you have already gone through the process of submitting your financial information to a lender and they have given you a preliminary approval. This can help speed up the process of getting your loan approved because the lender already has an idea of your financial situation and can make a decision more quickly.

2. Gather the Necessary Documentation

The next step is to gather all of the necessary documentation that the lender will need to approve your loan. This includes things like pay stubs, bank statements, tax returns, and other financial documents. Make sure that all of your documents are up to date and accurate.

3. Submit Your Application

Once you have gathered all of the necessary documents, you can submit your application to the lender. Make sure that you fill out the application completely and accurately. This will help the lender process your application more quickly.

4. Follow Up

Once you have submitted your application, it’s important to follow up with the lender to make sure that they have received all of the necessary documents. This will help ensure that your application is processed quickly.

5. Be Patient

Finally, it’s important to be patient. The process of getting a home loan approved can take some time, so it’s important to be patient and not get discouraged.

Getting a home loan approved quickly is possible if you take the right steps. By getting pre-approved, gathering the necessary documents, submitting your application, following up with the lender, and being patient, you can get your loan approved quickly. With the right preparation and a bit of patience, you can get your home loan approved in no time.

How We Can Help

As a local mortgage broker, Logan Home Loans can help borrowers get their home loan approved faster and with less hassle by offering a streamlined loan process and personalized support throughout the application process.

Here are some ways we can help:

Pre-qualification: Logan Home Loans can pre-qualify borrowers to determine their eligibility for a loan and the amount they can afford to borrow. This can save time by helping borrowers understand what they can afford and narrowing down their home search.
Digital application process: Logan Home Loans offers a digital application process that allows borrowers to complete their application online, from the comfort of their own home. This can save time and reduce the need for in-person meetings.
Personalized support: Logan Home Loans provides personalized support throughout the loan application process, including help with document preparation and submission. This can reduce the stress and uncertainty that borrowers may experience during the loan application process.
Fast approval: Logan Home Loans can provide fast approval for qualified borrowers, often within a few days. This can help borrowers move quickly when they find the right home and reduce the risk of losing out to other buyers.
Competitive rates: Logan Home Loans offers competitive interest rates and loan terms to help borrowers save money over the life of their loan.

By offering a streamlined loan process, personalized support, and fast approval, Logan Home Loans can help borrowers get their home loan approved faster and with much less hassle!

At Logan Home Loans, we understand that the home loan process can be overwhelming, but we're here to help make it as smooth and stress-free as possible.

We pride ourselves on providing personalized support to our borrowers and helping them find the right loan for their unique needs. We would love to help you with your home loan needs, so please don't hesitate to reach out to us for assistance.

< Older Post Newer Post >

February 2024 Cash Rate

February 6, 2024

Property and cash rate predictions for 2024

Banks “stand ready to help” people with home loan problems

January 3, 2024

The Australian Banking Association (ABA) has launched a campaign encouraging borrowers struggling with loan repayments to seek help, in a valuable reminder there are options available if you're finding it hard to keep up with your mortgage. Your bank may be able to: Reduce your home loan repayments. Pause your repayments temporarily. Switch your repayments from principal and interest to interest-only temporarily. Increase the length of your loan (thereby reducing the repayments). ABA CEO Anna Bligh said banks understood many borrowers were facing challenging circumstances. “Banks stood by their customers during the COVID-19 pandemic, deferring payments for people who for the first time in their lives found themselves unable to pay. Banks stand ready to help people again now,” she said. “People who are finding their finances are stretched should not feel they have no options and they have to do it on their own. Banks have dedicated, highly experienced teams ready to help.” As your broker, I'm also here to help. You're welcome to contact me for advice; I can then speak to and negotiate with your lender on your behalf. The key thing is to move fast, because the further you get ahead of the problem, the more flexible and helpful banks tend to be.

Is 2024 the year to buy property?

January 2, 2024

The Reserve Bank of Australia has rounded out 2023 with the decision to hold the nation’s cash rate at 4.35%. 2023 hasn’t been an easy year for homeowners or ambitious first-home buyers. The cash rate increased from 3.10% to 4.35% over the course of eleven months in the RBA’s bid to bring inflation back within its target range. According to data from the RBA, the average home loan rate at the start of the year (for existing home loans) was 5.46% p.a.. If the lender passed on interest rates in line with the increased cash rate, that would make the interest rate 6.71% p.a.. Based on the average Australian mortgage of $599,000 on a 25-year term paying principal and interest, that equals an additional $459 per month simply to service the mortgage (from $3,661 to $4,123 per month). For first-home buyers, the average time to save for a deposit has increased to 14 years, according to a recent paper by the Australian Housing and Urban Research Institute Limited, with the national ratio of median house price to median income now sitting at 8.5. That is the hard reality many Australians are currently facing. So the question is, what will 2024 bring? Short of looking into an Australian-economy crystal ball, we can’t predict exactly what will happen with inflation, the cash rate and therefore interest rates. However, there are a couple of factors to consider. The RBA will meet only eight times in 2024 to determine whether to move the cash rate, down from the eleven in 2023. This means potentially less movements through the year. The next cash rate announcement will be 6 February. Economists from the Big Four predict the cash rate is at, or near, its peak. Some predict at least one more rate hike in 2024 and rate cuts likely not happening until at least December. Despite predictions of a decline in house prices in 2023, they have actually continued to increase in most areas around the country. This could be good news for refinancers as we enter 2024, as they could find their equity has grown. Why 2024 could be a good time for first-home buyers Despite some potential challenges, 2024 could actually be a good time to get into the housing market. Here’s why. Savings interest rates are up - the pro of the cash rate going up is that savings interest rates also tend to go up. This can help expedite saving for a deposit. It could be cheaper to be a homeowner - according to PropTrack data, it is now cheaper to buy an apartment rather than renting one in most capital cities (based over a ten-year period with a 20% deposit). In fact, a third of properties nationally are cheaper to buy than rent. The First Home Guarantee has expanded - in 2023 the eligibility criteria for the First Home Guarantee, Family Home Guarantee and Regional First Home Buyer Guarantee was expanded, enabling eligible buyers to get into the market sooner. This means if you have a 5% deposit (or 2% if you are a single parent or guardian), you may be able to use one of the schemes to purchase property without paying lenders mortgage insurance. ‘Help to buy’ scheme to be introduced - the federal government has announced plans to rollout a new scheme that will help up to 40,000 eligible buyers with as little as a 2% deposit get into the housing market with lower repayments. If 2024 is the year you want to purchase your first home, it is a good idea to speak with your broker to find out how much you may be able to borrow and set a plan in place to achieve your goal.