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As we go on this journey we will share the things we learn in a regular series of informative blogs and videos you can read at your leisure!

Is your bank taking too long to approve your loan?

August 22, 2020

Lending Approval time lines seem to be getting longer...

The process of applying for a housing or investment loan can often be a lengthy one, as each person's situation is different, and lenders will conduct thorough checks to determine what your personal financial situation is.

Your first point of action may be to go straight to your bank in order to apply for a home loan, however long delays are extremely common, as this is the avenue most people take. Furthermore, with the current market conditions, many banks have approval cycles that span up to 30 days, and seem tp be placing little priority on your property or financial goals.

Alternatively, at no cost, you can insert Brokery into your property journey, and pair yourself with a broker who may have the capability of fast-tracking the home loan process with their own panel of approve lenders, and access to fast turn around times.

Mortgage Brokers may be faster...

As a result of their knowledge and experience, your mortgage broker has the ability of assessing your personal financial situation. At Brokery, we link you with brokers who have access to hundreds of products from major banks and other lenders. Hence, they can ultimately determine who the right lender is for you given your financial position, while also ensuring you receive the best interest rate on your home or investment loan. 

Having previously worked in a bank, I know first hand that people often face longer approval times when their financial situation is complex. For example, if you are self-employed, a part-time or casual worker, the loan process becomes more complicated and often gets rejected.  Your mortgage broker can assist you in overcoming these hurdles, due to the relationships they have formed with lenders, and their capability to determine which specific lenders will accept your application. 

The process time in which SLA’s (service level agreements) specify for your application varies, with the complexity of your situation playing a large role. Lately, banks have been providing a time frame of application processing in the SLA that is shorter than in actuality, failing in getting such information back to customers. There has been a recent trend of spikes in mortgage processing times, resulting in major banks such as ANZ, NAB and Westpac losing close to half of their mortgage application inflows.

Top mortgage brokers are able to speed this process up, as they receive priority service from lenders. This means that brokers get faster approvals and turnaround times on home loan applications than if you were to apply for a home loan straight at the bank.

At Brokery, we offer a library of the top mortgage brokers in Australia, with brokers who are able to provide you with a quality and timely service. Due to their reputable status, the brokers listed on Brokery will take into account your personal financial situation, ensuring you receive a loan tailored to you, all in a prompt and punctual fashion.

Author: Kayla Trajanovski

Photo 143898834 © Yunkiphotoshot

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