Same-day approval for a first home buyer
A young professional buying their first home in South Yarra, Melbourne. $584,000 loan, 80% LVR, and formal approval the same day the application went in.
The situation
Our client was a young professional, under 40, buying their first home in South Yarra, Melbourne. PAYG income, a 20% deposit saved, and a property already lined up. On paper, a clean application with nothing out of the ordinary.
The sticking point
The only pressure was time. The purchase was moving quickly, and the client didn't want to commit while finance was still up in the air. A clean application doesn't approve itself, though. Most delays in home lending have little to do with the borrower's finances and a lot to do with how the application is prepared and where it lands.
What we did
We did the slow work upfront. Payslips, identification, bank statements and living expenses were collected and checked before anything was lodged, so the lender's assessor had no reason to come back with questions. We also chose the lender partly on turnaround: assessment queues vary a lot from week to week, and we keep track of which lenders are moving quickly. The application went in fully packaged.
The result
Formal approval the same day the application was lodged. $584,000 at 80% LVR, no lenders mortgage insurance, and a client who could commit to the purchase with finance locked in rather than pending.
Why we're not limited to Sydney
Finance Craft is based in Coogee and most of our clients are in Sydney's Eastern Suburbs, but lending is national. We arrange loans Australia-wide, and an interstate purchase like this one works exactly the same way: everything is handled by phone, email and video, and the lender panel is the same 30+ lenders wherever the property is.
Fast approvals, answered
It depends on the lender's assessment queue and how complete the application is. Same-day formal approval is possible when the application is fully packaged and lodged with a lender that's assessing quickly. More commonly it takes a few days to a couple of weeks. Lender turnaround times change constantly, which is one of the things a broker keeps track of.
Missing documents and assessor questions. Every time an assessor has to come back and ask for something, the application goes to the back of the queue. Having payslips, identification, statements and expenses verified before lodgement removes most of the back-and-forth.
Yes. Lending is national, so the process is identical whether the property is in Coogee or South Yarra. We arrange loans Australia-wide for purchases and refinances, handled by phone, email and video.
Need finance to move quickly?
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This case study describes a real loan we arranged, anonymised. Every situation is different and past results are not a guarantee of what a lender will approve for you. The information on this page is general in nature and does not take your objectives, financial situation or needs into account. See our disclaimer for more.