How long does it take to obtain finance?

A lot of people, especially first home buyers believe that obtaining finance from their bank is a lengthy and laborious process.

At the moment finance is taking 3-4 days for banks to process! If your situation is urgent, the bank will prioritise your case and it could be processed even faster! This will give you the confidence that you can purchase a property up to a certain price point and put you in the best position when placing an offer on a property. For example, if there is another buyer and they have not obtained finance that buyer will need 10-15 working days for finance as a condition on their offer. So, your offer will be more desirable.

Make sure you provide everything as if there is anything missing or they require more information, this could lead to delays. Once you have obtained finance from your bank, this will last typically 90 days from the confirmation date of approval.

We always advise you to speak to a mortgage broker. Obtaining the right advice and choosing which bank is the best fit for you will save you a lot of time and money! Contact Jiji from Vega, she will be happy to help you with your financial goals.