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Top 4 delays for getting Keystart approval


Roisin Broderick, Content Specialist, Keystart

02 Apr 2019 • 5 min

(And how you can avoid them)

If you are applying for a home loan through Keystart, there are several stages to get through before your loan is approved. You might feel that Keystart require quite a lot of documentation - and you’d be right. In order to provide low deposit loans, with no lender’s mortgage insurance, we need to go through our processes to ensure all of our customers are able to manage home loan repayments without getting into financial difficulty. 

There is good news though. If you know what the most common hold-ups are and do your homework to avoid them, you’ll find the process a lot smoother and faster too. 

#1 Unexplained items on your bank accounts

Keystart may need to see all your bank accounts when you submit an application. We do this to check applicants can operate their bank accounts and credit facilities adequately and within their limits. We want you to be comfortable with your home loan repayments and not placed into financial difficulty.

Delays can occur in the application process when;

  • unexplained loan payments are shown, or
  • overdrawn or dishonour fees are charged to the account.

In these instances, Keystart will come back to the applicant and more information will need to be provided.

How to avoid a delay

Go through all your accounts with a fine-tooth comb. Make a list of any debts or regular payments and identify what they are so you can tell us about those when you apply. You may need to provide statements of all bank accounts you hold; and if you have a personal loan, we may need to see repayment history. Ideally, pay off as many debts as you can before applying for a Keystart home loan. 

#2 Near enough is good enough

There is a list of requirements for a Keystart home loan application and by sending in an incomplete application – delays are going to happen. 

How to avoid a delay

Keystart or your broker will ask you for all the information you need to provide. Work through that list and don’t leave anything out. More work initially preparing everything you need will result in a smoother application. 

#3 Employment check later in the process

We need to check your employment, which means we need to contact your employer. Delays can occur when it is difficult to get in touch with the right person at your workplace. 

How to avoid a delay

Arrange to have your employment verification letter completed when you lodge your home loan application. The letter needs to be printed on your employer's letterhead and provide all required information. Your Keystart home loan specialist or broker will let you know what is required. Completing this step early helps with the assessment process and would mean we may only need to do a second employment check just prior to formal approval. This second check is just a simple yes/no from your employer to confirm that you still work there.

#4 Slow response to follow up information

There are often significant delays in applicants returning any additional documentation that has been requested by Keystart.  It can be a daunting task to go through statements, loan contracts and bills. We get it. But the longer you take, the longer your delay.

How to avoid a delay

If you are asked for additional paperwork make it a priority to get onto it – and then give yourself a reward for your hard work! 

Keep up with your home loan application

Be sure to keep track of your home loan application in our Application Tracker. You will be given login information once you lodge your application. The Application Tracker lets you see what stage your home loan is at - and is packed with useful information to help you prepare for home ownership. If you have any questions or concerns through this process, contact your Keystart home loan specialist or your broker - they'll be able to help. 

Login to the Application Tracker

We’re ready when you are

If you are considering Keystart for your home loan, be sure to take the time to understand all your requirements. Buying a home is an exciting time but it pays to be well prepared to avoid unnecessary delays in your loan application.

Keystart recommends that you seek your own independent financial advice prior to making any decisions about your financial needs. Any examples given in this post are provided for illustrative purposes only.