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How long will it take to get my home loan approved and how much of a deposit do I need?

Home ยป FAQs

It varies as different loans have different criteria and assessment times. I have some lenders that will take only 1 day after I have submitted the application and others that can take over a week. In all cases we ensure that you are covered by your finance clause in the contract of sale and keep up regular communication with our client, the clients solicitor and the agent involved in the transaction and set realistic expectations around the approval time lines. In relation to your question around the deposit it is a good idea to work on roughly 10% of the property value, this can be less if you are a first home buyer and constructing as the government will kick in $10,000 towards this however a good rule of thumb is a minimum of 10%. So if you wanted to purchase a property for $210,000 then a good starting point will be $21,000 of which 5% ($10,500) is required to be genuinely saved. 

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