How Long Does Home Loan Approval Take?

When it comes to home loan approvals, the timing can feel like asking how long a piece of string is — there’s no simple answer. Every application is different, and the time between your first contact with a lender or broker and formal approval depends on a number of factors. The good news is that there are ways you can help speed up the process.

Is Same-Day Loan Approval Possible?

While rare, same-day approvals can happen under the right circumstances. This generally applies when the applicant’s financial position is straightforward — steady employment, a simple asset and liability structure, and no need for a property valuation due to a low Loan-to-Value Ratio (LVR). If both parties are comfortable with the contract price and minimal verification is needed, some lenders may be able to issue approval within a day.

What Can Cause Delays?

For most applicants, however, the process can take longer — sometimes up to a month or more if not well-prepared. The most common cause of delay is the lender’s turnaround time, particularly when they are dealing with a high volume of applications. Some lenders attract large volumes due to competitive rates and product offerings, which can stretch processing times. Delays can also snowball if your application is incomplete or missing important documents. When lenders require further information or must arrange a property valuation, additional processing time is often unavoidable.

At Self Employed Finance, we work closely with our clients to minimise delays and ensure a smooth, efficient application process.

How You Can Help Speed Up Your Loan Application

While we handle much of the process for you, there are a few simple steps you can take to help move things along:

1. Disclose All Information Upfront

Full transparency is essential. The more complete and accurate your information, the less likely your application will be delayed by back-and-forth requests. Make sure you provide:

Full identification for all borrowers
Complete financial documentation
Clear details of your income sources (including alternative income verification if self- employed)
A thorough explanation of your borrowing needs and objectives We are required to verify your financial position, so having all documentation prepared at the outset helps us meet those obligations quickly.

2. Skip the Valuation Queue (If Possible)

Not every application requires a property valuation. Depending on the lender and property, waiving this step can save valuable time. In some cases, having a valuation organised prior to your application may also help — provided the lender accepts the valuation report. Always speak with your broker first to confirm whether this is an option.

Let Self Employed Finance Help You Move Quickly

At Self Employed Finance, we understand that time is often of the essence, especially for self- employed borrowers with unique financial circumstances. We’re here to guide you through every step, ensuring your application is complete, accurate, and positioned for fast approval.