ROMA Blog

In the last three months of 2020 lenders' turnaround times were the slowest in three years. The time it takes from loan submission to approval has well and truly surpassed 25days! This time delay has followed us into 2021. Many mortgage approvals are blowing out from around 20 to 60 working days, even with pre-approval. Lenders, including the four big banks, are struggling with the rapidly rising demand and a growing backlog of applications. 

A spokesman for the CBA, the nation's largest lender, says an "exponential growth" in home loan applications has "placed considerable pressure on support teams and operations in some instances impacting turnaround times". 

An ANZ spokesman adds: "greater demand for home loans and the subsequent rise in application volumes has resulted in industry-wide pressure on times". 

How you can help to speed up the process:

• Reading mortgage documents carefully and understanding terms and conditions to avoid delays.
• Providing documents requested. 
• Ensuring supporting documents, such as latest payslips and other financial information, are up to date. 
• Signing documents and return as soon as agreed. 
• Checking whether you need to notify the vendor or real estate agent about access to the property for valuation. 
• Ensuring savings are genuine rather than gifts or handouts from family.