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How a mortgage broker got a home loan approved in just 4 days

"We were referred by an existing client to a young family living in the inner west of Sydney. They'd outgrown their current townhouse and were looking for a freestanding home in the Southern Highlands; being professionals who could work from home and possibly commute back into Sydney if required, they were excited at the chance of a scenery change.

They wanted to turn their current townhouse into an investment property because it has great growth potential and strong cash flow. They'd found their dream home, but when they approached their current bank for pre-approval, they were told there was a backlog and the wait time could be two to four weeks.

As they were working with a buyer's agent, they had done a lot of pre-work, meaning they'd had the contract of sale reviewed, arranged a building and pest report and were ready to make an offer. The only thing stopping them from moving forward with confidence was pre-approval.

We met with them and assessed their financial position. We discovered they had really strong borrowing capacity and suggested: 'Why don't we approach a lender that has a two-day turnaround time on pre-approval?' It kind of blew their mind that it could happen so quickly.

Given the market was so hot in the lead-up to Christmas, we also worked in tandem with their buyer's agent to offer the seller a four-week settlement. The seller had already committed to another purchase, so this gave the buyer a competitive advantage as the seller loved the quick sale. We knew this property would be in high demand if it went out onto the open market so by doing this, we were able to take the property off the market and avoid them getting into a bidding war with other potential buyers.

They were formally approved within four days, and with loan documents issued and signed digitally, this sped up the entire process. It was ready to settle within three weeks. Needless to say, the clients were over the moon!"