We understand that it can be rather frustrating to have to wait for an answer after your loan is submitted. This is very much a case by case thing. Sometimes we can have a deal approved in just five days, but in worst case scenarios it can take three weeks! This really is a very fluid space. 

These things may slow your application down:

  • Not all the information is disclosed upfront. Banks have access to detailed credit records showing all the credit you have and your credit inquiries. This means that if we haven’t disclosed upfront they will come back and ask questions about it, which slows the application down.
  • If you provide us with the wrong documents it will slow the application down.
  • If there are a lot of variables to the applications that will slow it down too. This basically means that it’s not an easy deal, and there’s a lot of things to take into consideration. For example, working a second job, not having substantial savings, only having been self employed for six months … In these circumstances the application has to be oversighted by the credit manager to be signed off, which slows the application down.
  • If it is a Kāinga Ora home loan it will take longer simply because the application now has to be signed off by the Kāinga Ora government department. This means your application goes into their queue, and it will be processed on a queue basis.

Can I get my application to move faster?

In certain circumstances we can get your application bumped up the queue but this really comes down to having an offer accepted on a property which we call a live deal. If you have a live deal, we will call the bank to get your application moved up the queue.

 

Disclaimer:

Everything shared in this blog post is general financial advice. For financial advice tailored to you, please book a kōrero with us.