Process Turnaround Times

Below are the expected turnaround times for loan applications that have been completed in full and include all the required documentation.

New Business

Process	Description	Current Turnaround Times (Days)
Input	Includes documentation receipt, data input, credit enquiries, and valuation order (except for vacant land or where additional fees are required).	0.5
Pre Approvals	Pre Approval application where no property has been identified.	1.0
Initial Credit	Includes initial credit decision, excluding LMI approval.	1.5
LMI Approval	Where Lenders Mortgage Insurance is required.	1.0
Final Credit	Action additional information and valuation when received.	1.0
	Total Time to Final Approval (LMI Not Required) Total Time to Final Approval (LMI Required)	2.50 3.50
Letter of Offer	Prepare Letter of Offer and instruction of Solicitors.	1.0

  

Existing Business

Process	Description	Current Turnaround Times (Days)
Variations	Includes loan variations such as product switches, security substitutions, and consents.	2.0
Increases	Initial credit decision. Final Credit Decision- Action additional information and valuation when received. Total Time to Final Approval of Increases	2.0 3.5 5.5
Variations Processing (Credit Admin)	Includes loan documentation and solicitor instructions for all existing business matters.	2.0
Discharges	Includes all full or partial discharge requests. Turnaround time is to process request and instruct solicitors.	4.5

Please note:

• Forecasts are for thoroughly prepared loan applications containing all necessary documentation
• For loans requiring Lenders Mortgage Insurance, please add 1.50 days to forecast in table above

Further Information

For further information on processing times, please contact your Relationship Manager or Business Development Manager.