Loan application turn around time?

Any general questions you might have in regards to loans and finance.
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marylamb
Posts: 47
Joined: Wed Jun 17, 2009 5:44 pm

Loan application turn around time?

Post by marylamb »

Hi, i'm curious to find out what a normal standard turn around time is?

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Loan application turn around time?

Post by Otto Dargan »

Hi Mary,

Most of the major banks have terrible turnaround times at the moment. There is a lot of inconsistency where we may be able to get one persons loan approved in a day while another person in a more complex situation may take several weeks. We are recommending that people apply with non bank lenders if they qualify for a loan with them as the approval is faster and the rate is often cheaper.

Hope that helps.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Loan application turn around time?

Post by Otto Dargan »

Many lenders are now returning to normal service levels. This is in the range of 2 days to 2 weeks for a full approval depending on the lender.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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