The home buying process can be a stressful one, especially when you need to move quickly – something that some banks do not understand!

Thankfully, there are a variety of things you can do to help get your home loan approved quickly and swiftly. Here are a few tips to get you started.

Do Your Research Before You Start

In Australia, there are a variety of home loan options to choose from, not just picking a 15-year or 30-year mortgage. You may also have grants and tax credits working in your favor, such as a First Home Owners Grant (FHOG); it may benefit you to sit down with an accountant or real estate consultant who can advise you on the options, as they may be able to file paperwork in advance that could otherwise slow you down.

Increase Your Down Payment

A large deposit reduces the amount of the loan, lowering the bank’s risk profile and making it a bit easier for them to approve you. Larger loan amounts may need to go through additional approvals within the lender. One of your first steps, long before you get to the loan stage, should be to increase your savings for the initial up-front payment.

Get Pre-Approved

Some banks now offer what is called a “pre-approval.” You simply tell the bank about your plans, with information about your savings and earnings information, and they will give you a certificate to tell you the amount of money they will lend you should you file the full application. It’s important to read and make sure the terms and conditions of your pre-approval – some banks only offer an estimate or a “conditional” offer – but having an unconditional pre-approval can also help speeding up the negotiations with the seller of your potential new home.

Have all Your Paperwork in Order and Visit Your Bank In-person

One thing that can slow down home loans is waiting for paperwork to shuttle between financiers, lawyers, home owner and home buyer in the mail.  Many banks post their application requirements and a documentation “checklist” on their website, so download a copy, print it out, and follow it to the letter, and then book an appointment to have the application reviewed in person. You’ll want to have all of the required documentation, and all of those persons who will be named in the loan (including a guarantor, if there is one) will need to be present for signatures.