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There are many banks you can choose from when applying for a home loan. However, the Big Four are Westpac, National Australia Bank, ANZ, and Commonwealth Bank. With straightforward, simple home loans, the big banks may need only a few days to approve your home loan application. The approval process may be this fast if:
If you are applying with any of the Big Four banks and fit the above criteria, your home loan application may be approved in just a few days. However, if you don’t fit the requirements, the approval process may take longer. Some reasons banks may take longer to approve your loan are:
These loans take longer because the bank may need more time to verify your income, or the property valuation may be complicated.Â
If you are a non-standard borrower and apply for a home loan with one of the Big Four Banks, you should still be approved within a week or two. However, due to the current housing market, this may still be too long. If you are a non-standard borrower and need approval quickly, the brokers at Mortgage House can help.Â