Lenders are currently taking up to 21 days to pick up a home loan application for assessment. Fourteen days has always been sufficient time for finance, however at the moment this is proving difficult and many customers are feeling extremely frustrated with the delays.
Why is this happening?
Lenders documentation requirements appear to be changing every day, thanks to highlighted issues coming off the back of the Royal Commission, the Combined Industry Forum and the like. Finance Brokers are having to constantly be aware of the lenders ever-changing requirements to ensure that they are gathering the correct documentation and information, and in turn matching you with the most suitable lender and product. The process of packaging up the proposal can take over a week – before it even gets into the lenders systems.
Brokers have never been more important in the application process – but we need more time to efficiently package your application to ensure you receive the fastest approval possible. If you are looking at purchasing in the next three months, let’s get a head start with a pre approval or if you are signing a contract for a new home, take the stress out of the process and allow 21 days on your finance clause. Contact me today on (07) 4779 0555 for further information.