Current Service Turnaround Timeframes

Data current as of 24 September 2024

Residential

Days to credit assessor
Days to formal approval
(Top 25th percentile)
For clients who want a simple and straight-forward home loan.

1

day

1

day

For self-employed, SMEs & SMSFs using residential or commercial property for purchase, refinance or equity release.

2

days

8

days

For clients who want a premium home loan with broad features.

2

days

5

days

For clients who don't fit a typical lender profile.

2

days

6

days

For clients who want flexible home loan options, from prime through to specialist.

2

days

5

days

SMSF

Days to credit assessor
Days to formal approval
(Top 25th percentile)
For clients who want a flexible SMSF solution for residential or commercial property.

2

days

2

days

For SMSF clients using residential or commercial property for purchase or refinance.

2

days

4

days

For clients who want to finance or refinance a residential property within a SMSF.

2

days

5

days

Commercial

Days to credit assessor
Days to formal approval
(Top 25th percentile)
For clients who own or are purchasing commercial property and want a flexible commercial lending solution.

3

days

2

days

For clients borrowing up to $6M, Full, Mid & Lease Doc available, using commercial property for purchase, refinance or equity release.

2

days

4

days

Median turnaround time to formal approval for all lenders

8

days

Turnaround times are based on quality applications submitted, in line with the submission checklist provided for each product available from Research in Mercury Nexus. Turnaround time to credit assessor is calculated on the average number of business days between an application passing quality control and when an underwriter provides the first decision response. Time to formal approval displays the median days from the top 25th percentile of all lenders from the past 30 calendar days, as published in the Connective Lender Approval Dashboard in Mercury Nexus.

*This number denotes how quickly the lender reaches unconditional approval compared to other lenders, and is based on data from the Connective Lender Approval Time Dashboard.

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