How many days do I need to get my finance approved?

You will generally need at least 14 – 21 days to get your finance approved. This is because it can take a while for banks to pick up your application, for you to gather supporting evidence to support your application and for the bank to process your application. If the bank is reasonably satisfied with your information, they will also need time to complete a valuation before they will approve your loan. To speed up the process of a loan application, you should endeavor to do as much as possible upfront. Speak to your broker and conveyancing lawyer as soon as possible to receive support through the process. If you need more time to complete your loan application for whatever reason, you will need to have your conveyancing lawyer request for an extension of time from the seller.

Remember that if you allow the finance date under the contract to lapse without an unconditional loan approval that you are risking the loss of your deposit.