How long does home loan approval take in Australia?

Pre-approval: usually a few days

Pre-approval (or conditional approval) is the lender's indication of how much they'll lend, subject to a property and final checks. It typically takes one to five business days.

Pre-approval is the smartest first step — it tells you your budget and shows agents you're serious, which matters in competitive Melbourne auctions.

Full (unconditional) approval

Once you've found a property, the lender assesses the full application, including a valuation. Home loan approval time in Australia at this stage is often one to two weeks, but can be faster or slower depending on the lender's queue.

Some lenders offer same-week formal approval for clean applications; others can take longer during busy periods.

What slows approval down

The most common delays come from missing documents, unexplained large transactions, complex income (like self-employment), and slow property valuations.

Credit issues, multiple recent enquiries and high existing debts can also extend assessment time as the lender digs deeper.

How to speed up your approval

• Get pre-approved before you start seriously house hunting.
• Have payslips, tax returns, ID and bank statements ready up front.
• Avoid new debts or large unexplained spending during the process.
• Use a broker to match you to a lender with fast turnaround times.

From approval to settlement

After unconditional approval, settlement is typically 30 to 90 days depending on your contract. For refinances, settlement is usually three to six weeks.

A broker coordinates the lender, valuer and conveyancer so the whole timeline runs smoothly and you hit your settlement date.