BANK PRE-APPROVALS
How long does it take to get a pre-approval in place from a bank?
Pre-approval will allow you to go and search for property as well as giving you peace of mind that you’ve got a commitment from the bank, and an amount that you can borrow up to. Once you work through the four Ls of lending establishing your level, loan type, lender, and then arranging the lodgement of your application, a pre-approval will usually take anywhere from two to seven business days for the banks to process an issue.
Once you have the pre-approval, it will last anywhere between three to six months. The good thing about a pre-approval is, there is usually no cost involved. So, if you do go through the process and you don’t end up purchasing a property and using that approval, you won’t incur any costs at that stage.
If your pre-approval expires and you want to get it reinstated, it’s usually just a matter of providing updated documents to the bank.
