Unconditional approval is one of the most exciting and important parts of every new home. The moment when you know you’ve got formal approval for your home and can start planning the next stage of your life. But how long does it take to get unconditional approval?
It’s going to vary depending on a few things. Like the type of loan you’re getting, where you’re buying, your financial situation, and your deposit contributions. At No1 Property Guide, we have had a 95%+ approval rate for all our clients after an on-dollar valuation. So, we’ve handled our fair share of approvals over the years.
Darren Walters has more than 20 years of experience in property, lending policies, and finance. He has helped thousands of renters become homeowners using his no or low deposit new home system. Using his experience, our New Home Consultants can help you increase your chances of approval while also securing your dream home. Without needing the huge 20% deposit most lenders require. Simply fill in our pre-qualification form and one of our New Home Consultants will be in touch to discuss your factual new home options.
How Long Does It Take to Get Unconditional Approval with No1 Property Guide?
The average approval time for your new home through No1 Property Guide is generally around a week. The main reason for this time is because we almost only deal in construction loans. These are more complicated than a standard home loan, which is why they take longer on average.
There are a few other factors that will affect your home loan, including your deposit contributions. If you’re buying or building a home and you don’t have a 20% deposit, you’ll have to pay LMI. This can add several days to your application while lenders calculate and manage the paperwork needed.
Of course, the final approval process is actually one of the easiest parts of Darren’s system. Our pre-qualification process allows us to tailor you to fit lending policies. As well as get an accurate estimate of your borrowing capacity. This means that when we put in your application for final approval, you’re almost guaranteed to get approved as long as the valuation comes back on dollar.
We do this to take the stress off you, and to make the final stages of the process quicker. By already having all of the necessary paperwork, we can cut down the average approval time and get you approved quicker than a mortgage broker or builder in some cases.
The key to this is our pre-qualification form. Filling this in gives our New Home Consultants the info they need to accurately assess your borrowing capacity. And to work out exactly what you can and can’t do. Then we’ll simply guide you through the process out of the rental nightmare and into your own home.
Will Conditional Approval Speed Up the Process?
No matter whether you’re building your dream home through No1 Property Guide, or you’re buying through a real estate, getting conditional approval first will almost always speed up the process. This is simply because the lender will already have done the initial assessment and gotten an understanding of your situation.
For final approval, they’ll simply need to confirm the finer details and double-check you meet their criteria. If you haven’t gotten conditional approval before applying for a home loan, you’ll need to go through the entire process. Some real estates and sellers aren’t willing to wait that sort of time. Especially with the current state of the market, and you may miss out on securing your new home without one.
How Can I Speed Up my Unconditional Approval?
The best way to speed up your unconditional approval is quickly getting any requested paperwork back to your lender or our finance team. During the final stages of approval, your lender will most likely ask for updated paperwork or final pieces that weren’t necessary for the conditional approval.
Getting these details to your lender ASAP will be the best method for speeding up your unconditional approval.
What Will Slow Down my Approval?
There are a few key things in your control that can drastically slow down your approval. The most important thing to do is to make sure you don’t change any of your details. Whether it’s personal, financial or job-related, keeping your situation as close to your conditional approval as possible is the best option.
If there is any change in your situation, our finance team will need to reassess your details and recalculate your options. This not only slows down the approval process but can actually affect your chances of securing the final approval!
So, if possible, avoid taking out any new loans and consumer debts or starting a new job. These will have the biggest impact on your approval time.
Get Approved for Your New Home Today
At the end of the day, how long it takes to get unconditional approval will come down to your personal situation and the lender you are dealing with. However, in almost every situation getting pre-approval and knowing your borrowing capacity before you start your journey is the way to go!
Obtaining a conditional approval or pre-qualification means you’re ahead of the competition. Developers and builders are more confident allowing potential buyers who have a conditional approval to put a deposit on land as they have evidence that you’re ready to buy and build now. Many developers won’t let you put an expression of interest in without a conditional approval at all.
The first step in getting your own home is to fill in our pre-qualification form. From there, our New Home Consultants will work with you to find the perfect no or low deposit house and land package for you.
Darren has helped thousands of renters become homeowners using his no or low deposit new home system. And you could be next! Get in touch with our team to secure your unconditional approval and escape the rental nightmare once and for all.
src in org: https://www.youtube-nocookie.com/embed/5nZHtuVyPlU?feature=oembed&wmode=opaque
src in mod: https://www.youtube-nocookie.com/embed/5nZHtuVyPlU?wmode=opaque
src gen org: https://www.youtube-nocookie.com/embed/5nZHtuVyPlU