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Major Delays In Lending Approvals Are The New Norm
With interest rates at rock-bottom, you might be applying for a home loan soon. The advice we’re hearing from mortgage brokers is ‘Don’t delay!’
There’s a massive demand from borrowers and banks are struggling to keep up. You can expect a wait of at least two weeks (probably three) between delivering all your documentation and getting a decision on your application – or more questions.
Banks were already requesting reams of paperwork before Covid-19, to comply with the Responsible Lending Code. Now they’re going even further. They want to know whether you’re a good lending risk in this pandemic, how your business or employer is likely to perform in the year ahead, and whether your income is reliable. Expect to have to supply even more bank statements and information, in addition to longer wait times.
Thinking about buying an investment property this year? We can help you find one and assess its profitability. Get in touch with our sales team.