Macquarie EOFY Home Loan Processing Times

As it is the end of the financial year Macquarie has revised its Home loan processing times. Please see the table outlining this below:

Fastest (25%)

Average

Time to validate documents

1 hour

2 hours

Time to review application

1 hour

2 hours

Business days to formal approval application received with all supporting documents

1 day

2 days

Business days to formal approval application received without all supporting documents

4 days

7 days

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Starting from 1 July 2018, there's a new legislative requirement relating to GST payments for purchases of new residential property or potential residential land. This will impact contracts of sales that have been entered on and from 1 July 2018.

What does this mean? At settlement, it's the purchaser or purchaser's representative's responsibility to pay the applicable GST to the ATO, rather than these funds being paid by the vendor.