Last Updated: 18th March, 2024

What Is A Christmas Cut-Off Date?

With the prime time of the holiday season nearing, lenders are announcing their Christmas cut-off dates to give their clients a heads-up on when they will stop processing home loans for the year.

Lenders announce deadlines for various application processes beforehand to make up for the absence of their employees from 24 December 2023.
This deadline is the cut-off date.

The cut-off date helps clients time their applications and alerts lenders to speed up the process from their end

Why Should You Apply For A Home Loan Before The Cut-Off Date?

While announcing the cut-off dates, most lenders also clarify the time frame it takes to complete different application steps.

The time taken varies from step to step and lender to lender.

If you are applying for a home loan, you need to do so 10 business days before Christmas.


Because most lenders will take at least that much time to process your application through settlement.

Applying anytime after the cut-off date would postpone the home loan application and assessment process.

You then have to wait until a few days after New Year’s Day to speed up your application process. As half of the lender’s employees would still be on leave until that time.

Thus, much time would be spent waiting in vain.

You then have to wait until a few days after New Year’s Day to speed up your application process. As half of the lender’s employees would still be on leave until that time.

Thus, much time would be spent waiting in vain.

Do Not Sign The Contract Of Sale, Neglecting Cut-Off Dates!

Neglecting Christmas cut-off dates and signing a contract of sale would be a significant mistake. Exceeding the cut-off date will halt your application process for a long time.

A halt in your home loan process at the wrong time, will cause your cooling-off period to expire which leads to:

  • Hefty fines.
  • You may not get a chance to sign a new contract.
  • If your contract of sale does not have a subject to refinance clause, the seller will not return your deposit.
  • If you were on a pre-approval, you need to find a new property as soon as possible.
  • If you had received unconditional approval, you might have to re-apply for a new home loan.

When Do I Sign The Contract Of Sale?

If the Christmas holidays are going to halt your application process, we recommend you sign the contract of sale after the first week of January.

The first week of January is when all lenders regain their momentum in the application process; operations resume.

Thus, starting your application process after the holidays means you do not have to pay any fines or lose your deposit on a property.

Christmas Cut-Off Schedule Across Lenders

Most non-major lenders do not have a rigid cut-off schedule set for different loan processes. Most of them will be closed by Christmas so that is to be taken as their cut-off date.

Major lenders tend to have stricter Christmas cut-off dates than non-major lenders.

When it comes to the four major banks, the inflexibility has remained consistent throughout the years.

Similar to each year, the big four banks have come up with their separate Christmas cut-off schedules.

The degree of information they have shared with both their existing and potential clients varies through their respective schedules.

Loan Process Cut-Off Dated
Settlement for purchase 1 December 2023
Internal refinance 1 December 2023
External refinance 1 December 2023

For external refinances, remember to take into account the time it takes for your current lender to discharge your mortgage. Some lenders can take up to 15-20 days.

NAB Christmas Cut-Off Dates 2023

To prevent delays during Christmas, make sure you have at least 10 business days before settlement.

Loan Process Cut-Off Date
Submit applications 4 December 2023
Application reaches unconditional approval 8 December 2023
Customer signs and returns documents13 December 2023
Submission of progress inspections and payment request15 December 2023

Commonwealth Bank (CBA) Christmas Cut-Off Dates 2023

CBA is prioritising customers with their settlement due before Christmas.

Loan Process Cut-Off Date
Submit applications By 1 December so it can be assessed by 7 December 2023
Discharge requests 4 December 2023
FHOG applications11 December 2023

Westpac Christmas Cut-Off Dates 2023

Loan Process Cut-Off Date
Portabilities 1 December 2023
Discharge requests (for sale or settlement) 1 December 2023
Discharge requests (refinance to another lender)1 December 2023
Submit documents for purchase, settlements or refinances15 December 2023
Request for product switch15 December 2023

Need Help To Get In On Time?

Speeding up your loan process when you need to meet a cut-off date can be extremely exhausting. The technicalities involved may be overbearing for people unfamiliar with the mortgage industry.

Our expert mortgage brokers can help you get through your settlement before Christmas. And if you have trouble deciding on your application process, they can help you with it too!

Just call us on 1300 889 743 or fill in our free online assessment form to discuss viable solutions.