The property market moves fast, and those who are prepared and quickest off the mark with their finance are usually the ones who are taking a photo in front of a sold sign. A well prepared home loan application with your broker is absolutely integral in terms of jumping the queue for finance approval. Most real estate agents and vendors will push for a 30 day settlement and a 14 day finance condition, which may seem like a long time, but in reality that’s a fairly short amount of time to have all of your ducks in a row for your finance to be funded. Collect as much information that supports your position as soon as possible, because being prepared will ensure a smoother and faster journey to home loan approval.
Be prepared: Disclose all information related to your finances upfront, and provide up to date supporting evidence.
Handy tip: think about easily overlooked things such as:
- salary sacrifice arrangements
- items on Afterpay or ZipPay
- store cards
- gym memberships
- streaming subscriptions
- pet expenses
If an assessor can find it, they will ask, be prepared in advance.
Quick communication: Credit assessors are under the pump; therefore they delegate a certain time for each application. If they need more information from you, and your broker can’t get in touch with you, back in the queue your file goes. Quick responses to your broker definitely help.
It’s your choice: Brokers provide multiple lending options where they can. They should also let you know who is currently the fastest. The cheapest option may also take the longest, set your expectations in line with the lender you choose.
Plan it out: It’s always the obvious, but if you need a fast approval, consider your scheduling.
- Don’t go away interstate or overseas where your broker cannot reach you.
- Close any credit cards or personal loans not continuing, prior to the application.
- Buying an investment? Get a rental appraisal done upfront.
- Ensure someone is home for a valuation.
Simply being available is the key to a quick turnaround.
If you’re looking for a fast approval, our experienced Mortgage Brokers can help guide you in the right direction – call us today on 08 8300 8300.
*The information provided in this article is general in nature and does not take into account your personal circumstances. Since everyone’s personal situation is different, this article should not be taken as advice.
