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How long does it take to get a home loan?

Do you need a home loan in a hurry? You could be in luck. Plenty of lenders are keen to crunch loan approval times, but there is a lot of borrowers can do to potentially speed up the process too.

Finding a home to buy can take time, and when the right place comes along it can feel as though you need to sign the sale contract fast to stake your claim. But from there, you are going to need a home loan, and that’s where timing becomes critical. 

The good news for home loan applicants is that average turnaround times have reached new record speeds at some of the bigger banks, while processing periods for smaller lenders have also reduced, according to the latest Broker Pulse Survey. But don’t let that lull you into a sense of complacency. 

It is important to have your loan ready to go to by settlement, usually six weeks after you have signed and exchanged congrats (however this period of time can potentially be negotiated with the seller). Otherwise, if you don’t have finance sorted by settlement date, the seller may be able to charge interest and penalty fees

So, there can be a lot riding on getting your home loan approved in a timely fashion. 

The general rule for loan approval times

How soon your home loan can be arranged often varies between lenders. Some lenders boldly claim that it can take as little as an hour, but that is not usually the case. 

To play it safe, allow about four to six weeks from the time you submit your application to have the funds available.

But if you require funds sooner than that, then it could be a matter of us helping you line up a lender with quicker turnaround times (and then having us hassle them a bit for good measure). 

What is usually more important is that you focus on the home loan that matches your needs, rather than racing in for a mortgage that can be arranged in record time. 

5 ways to help speed up the home loan process

Borrowers can do plenty to try and speed up the loan process. Here are five steps you can take to help keep application and approval times tight:

1. Talk to us first

We can explain your borrowing power, let you know how big a deposit you may need, and check if your finances are in the shape it takes to get the green light from lenders. We also have access to resources that estimate how long approval times currently are with potential lenders. 

2. Get your paperwork together

Gather all the documents a lender is likely to ask for, including copies of payslips, birth certificates and other ID, plus bank account statements for the past 36 months. If you are unsure, this is a step we can help you with.

3. Try and hold off on any major changes

Big life changes, such as starting a new job or business just before you apply for a loan, can leave lenders asking questions. Try to maintain your budget – your usual spending/saving patterns – and your current job, to avoid a ‘please explain’ from lenders, which could delay the loan approval. 

4. Double-check that you have completed the application accurately

Any mistakes on your application form can see the paperwork returned to you for corrections, putting the brakes on the whole process. Once again, we can help minimise any potential discrepancies in your application.

5. Ask us about loan pre-approval

Waiting until you have paid a deposit to apply for a mortgage can be a high-stakes high-stress strategy. Loan pre-approval is a way to help you speed up the loan application process while also potentially boosting your bargaining power with vendors. 

Call us today for more tips on getting your loan across the line, we would love to help you move into your new home sooner!

Phone: 1300 855 022
Email: clientservices@zippyfinancial.com.au


Zippy Financial is an award-winning mortgage brokerage specialising in home loans, property investment, commercial lending, and vehicle & asset finance. Whether you are looking to buy your first home, refinance or build your property investment portfolio, the team at Zippy Financial can help find and secure the right loan for you and your business.

About the Author:   

Louisa Sanghera is an award-winning mortgage broker and Director at Zippy Financial. Louisa founded Zippy Financial with the goal of helping clients grow their wealth through smart property and business financing. Louisa utilises her expert financial knowledge, vision for exceptional customer service and passion for property to help her clients achieve their lifestyle and financial goals. Louisa is an experienced speaker, financial commentator, mortgage broker industry representative and small business advocate.   

Connect with Louisa on Linkedin.   

Louisa Sanghera is a Credit Representative (437236) of Mortgage Specialists Pty Ltd (Australian Credit Licence No. 387025).

Disclaimer:This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This article is not to be used in place of professional advice, whether business, health or financial. 

Comparison Rate calculated on a secured loan amount of $150,000 for a term of 25 years. WARNING: This Comparison Rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different Comparison Rate. Fees and Charges Apply. Terms and Conditions are available on request.