Once your application has been submitted to the bank, the waiting game begins. While we’ve done everything possible to prepare your application before submission, there are still several stages we’ll work through together before receiving a final decision.
The purpose of this guide is to explain what happens behind the scenes once your loan reaches the bank and what you can expect from us throughout the process.
Stage 1 – Your application is with the bank
Congratulations! Your application has officially been lodged.
While we’d love every application to be approved within a day, the reality is that banks have varying turnaround times and processing workloads. Timeframes can change regularly depending on how busy a lender is, staffing levels and the complexity of applications they’re assessing.
Before submitting your application, we’ll provide the most up-to-date processing times available, however these can change without notice. Rest assured we’ll continue monitoring your application closely and keep you informed along the way.
Stage 2 – Additional documents may be required
We know we’ve already asked for a lot of information and documents before lodging your application, but sometimes the bank will come back requesting more.
This is completely normal and doesn’t necessarily mean there’s an issue with your application. Banks often require additional documents, clarification around transactions or updated information before they can continue their assessment.
When this happens, your application will generally pause until the requested information is provided, so the faster we can get documents back to the lender, the sooner they can continue processing your application.
Stage 3 – The waiting game
Most communication with lenders happens behind the scenes through phone calls, lender portals and email correspondence.
Our team regularly follows up outstanding applications, requests updates and works with lender assessment teams to keep things progressing. While we can’t control the bank’s turnaround times, we can make sure your application remains on their radar.
Depending on your individual circumstances and lender, you can expect regular updates from us throughout the process.
Stage 4 – Questions from the bank
Sometimes lenders ask questions that can seem a little unusual or incredibly specific.
You may be asked to explain a transaction, provide further details about employment, confirm living expenses or clarify information already supplied. While these requests can occasionally feel frustrating, they’re simply part of the bank’s assessment process.
As soon as we receive any questions, we’ll work with you to provide the information needed and keep your application moving forward.
Stage 5 – Approval day
This is our favourite stage.
Once the bank has formally approved your application, we’ll contact you as soon as possible to explain the next steps and celebrate the milestone with you.
From there we’ll guide you through loan documents, settlement preparation and everything else required to get you across the finish line.
We’re here to help
We understand that waiting for a home loan decision can be stressful, particularly when you’re purchasing a property or working towards an important deadline.
Please know that our team is working behind the scenes every day to progress your application, answer lender questions and keep things moving wherever possible.
If you have any questions throughout the process, don’t hesitate to reach out. We’re here to help every step of the way.
Kind regards,
The Up Loans Team