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Home loan approval

How long does home loan approval take these days? We've given ANZ everything they need and I don't feel that we're progressing very far. Nor have we been given a timeline of when we should hear something.


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Answers (8)

Banks are bloody painful. If it's been more then a week call them and check. Chances are there is a note on your file saying another doc needed and no one has got around to calling you yet. Happened to us. 2nd time they delayed because our account over drew. It was just our everyday account and we had 3 other accounts with the same bank that had a a total of $8000 in them. I had to issue a stat dec saying it was an accident and we had plenty of available funds. I was like HELLO they accounts are all held by you just take a fricken look! Idiots!

Argh god we went through ANZ to build our house and every stage was excruciatingly painful. Only strongly worded emails to the bank depot manager ever got us anywhere and there was never ANY communication about anything.
Good luck with it - hope it gets a bit better for you :)

Pre approval took less than a week. I had everything ready to go so it was straight forward.

 We used a broker to get this. I think brokers move a bit quicker
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In some instances it can be instant, however, if you're lending more than 80%, are self employed or have multiple sources of income or can take longer, particularly if it needs to be referred to the credit dept for manual assessment.

Call the bank and ask how its progressing then ask for a timeframe. Different banks take different times. My bank was really good and very efficent. Now they are so slow and need to be followed up on everything. If you have a timeframes you can call and chase up if you havent heard from them but the expected date.

OP Thank you. I will do that. I thought I may just have high expectations for a quick turn around and I didn't want to be seen as pestering the bank.
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Formal approval took 3 business days once the bank had everything they needed. We used a broker so I don't know if that sped things up. Didn't worry about pre approval

We were with ANZ and I'm pretty sure it was less than 2 weeks.

Oh f**k me ours took FOREVER. Thanks to 2 people quitting their jobs, and another 2 being transferred while working on our loan stuff we waited ages. Easily it took 8 weeks.
We had all our stuff sorted and in on time but it still took so long.