Getting a loan on a time crunch

Getting a home loan on a time crunch

In a hot property market loan approval timeframes can creep up, but there are ways you can get financial faster.

14 Jun 2021 | Home finance & property | Share:

In Q3FY21, major lender turnaround times surged to a three-year high due to increased lending activity and competition.

But while turnaround times may have been pushed out by the big banks, some non-banks have managed to not only maintain – but improve their turnaround times.

So, if you're on a time crunch to snap up the home of your dreams, here are a few tips to help you secure the finance you need, fast.

Think ahead

In a hot market, getting pre-approval is crucial. With fierce competition for properties, being pre-approved allows you to search and bid quickly and with confidence.

Hopeful homebuyers should be aware that making any offer "subject to finance" is not a substitute for already having a loan pre-approval in place.

Instead, this contract condition is to give sufficient time for the lender to conduct any necessary valuation and final checks.

So if you want to snap up that property – pre-approval is going to give you the edge.

Look at different lenders

In the same way that different lenders offer different interest rates and loan features, lenders also vary in the length of time they take to approve a loan application.

So, it’s worth shopping around to find a loan that is fit for your purpose, priorities and timeframes.

Some lenders, like Liberty, will also take a more personalised approach to their assessment and can offer timely loan approvals, even if your circumstances are unique.

If time is key, it’s worth spending a little to do your research.

Get expert help

You can also speed up your loan search with the help of an expert who knows lenders, their products and loan approval timeframes.

A broker can help take the inconvenience out of the process, to find that loan that works best for you.

Contact a Liberty Adviser today to find out how they can help you get to “yes” and into your new home sooner.