Pre-approval (conditional approval): Assessed against your income, expenses and credit profile before you find a property. Pre-approval is typically valid for 90 days and allows you to make offers and bid at auction with confidence. Lendology typically achieves pre-approval in 3 to 7 business days.
Formal approval (unconditional approval): Issued after you have a signed contract of sale and the lender has assessed the specific property — including a valuation. Formal approval typically takes 2 to 4 weeks. Once issued, the loan proceeds to settlement.
The most common causes of delays in home loan approval are: incomplete or missing documents; the lender's valuation taking longer than expected; high application volumes at the lender; complex income structures requiring additional assessment; or issues identified in the credit file.
Lendology minimises delays by preparing a complete application before lodging, selecting lenders with efficient assessment teams, and managing all lender queries directly — so you are not spending time chasing the bank.
Construction loans follow a different timeline. Initial approval is obtained before construction begins, but funds are released in stages as construction progresses. Each progress draw requires a lender valuation, which adds time at each stage. Allow 2 to 4 weeks for initial approval and 1 to 2 weeks for each subsequent progress draw.
Jason and Steve are Adelaide mortgage brokers who give honest, free advice. No obligation.
The information on this page is general in nature and does not constitute financial advice. Given Finance Pty Ltd (t/a Lendology) ACN 624 144 501 is authorised under LMG Broker Services Pty Ltd ACL 517192.