"How long will it take?" is one of the most practical questions buyers ask, especially when you're juggling a contract deadline. The honest answer is that it varies by lender, by your situation, and by how quickly paperwork moves.
Here's a realistic guide.
Typical timeframes
| Stage | Typical time |
|---|---|
| Pre-approval | 2 to 10 business days |
| Formal approval after contract | 5 to 15 business days |
| Loan documents issued | 1 to 5 business days after approval |
| Settlement | Usually 6 weeks after exchange in NSW (set by contract) |
| Refinance (start to finish) | 3 to 6 weeks |
Lender turnaround times change week to week depending on volumes. Brokers usually have current data on which lenders are faster.
What slows things down
Missing documents
The most common cause. If the lender has to come back for a payslip or statement, the clock resets in some queues.
Valuations
If a valuation is delayed, comes in low, or needs reviewing, add several days.
Complex income
Self-employed borrowers, multiple income sources or recent job changes often need extra checks.
Credit file issues
Anything unexpected on your credit file may need explanation.
Busy periods
End of financial year, spring selling season and periods after rate changes can stretch turnaround times.
Slow discharge (refinances)
Your outgoing lender can take 10 or more business days to process a discharge.
How to speed things up
- Get pre-approval first, so most of the assessment is done before you find a property.
- Provide all documents upfront.
- Respond quickly to lender questions.
- Sign and return loan documents promptly.
- Choose a lender with good turnaround for your timeline.
- Use a broker who can chase the lender and track progress.
Finance clause deadlines
If your contract has a finance clause (common in some states, less common in NSW where the cooling-off period applies instead), know the deadline. If approval may not arrive in time, your conveyancer can ask the vendor for an extension.
Auctions and short settlements
If you're buying at auction or the vendor wants a short settlement, make sure your lender can meet the timeline. Some lenders are better suited than others.
Frequently asked questions
Can I get same-day approval?
Some lenders offer fast pre-approvals for simple applications, but formal approval with a valuation usually takes longer.
Does using a broker take longer?
Not usually. Brokers often speed things up by getting the application right first time and following up with the lender.
How long is pre-approval valid?
Typically 90 days, sometimes longer, depending on the lender.
Working to a tight deadline? Call Finfident on 0424 545 654. We'll choose a lender that can meet your timeline and keep things moving.
This article is general information only and doesn't take into account your objectives, financial situation or needs. Figures, rates and scheme rules are current as at October 2026 and can change. Finfident Finance Brokers (ABN 94 679 280 801) is Credit Representative 569374 of Outsource Financial Pty Ltd (ACN 131 090 705), Australian Credit Licence 384324.