The Home Loan Process
Step 8: Loan Process Timeframes
If you’re purchasing, it is usual for settlement to occur on the date specified in the Contract.
IfThis brief flow chart gives you an idea of timeframes associated with putting in a loan application all the way to settlement. Each lender differs however 6 weeks settlement usually gives enough time to get everything processed. Be aware things do not always go to plan. If you are using a short settlement as a negotiation technique check in first to see how lenders processing times are going. From Easter 07 to June 07 most major lenders are running 5-10days behind the normal service level.