Loan Process

Not sure or worried about how the loan process works?

To help you easily understand the loan application process, here is a timeline, which illustrates the basic steps involved in purchasing or refinancing a property and the approximate time frames for each step.

Please note; time frames are subject to variation based upon the lender selected, the valuer commissioned and the complexity of the loan application.

1. Interview

During the interview(s), we will discuss and help you select the most appropriate product and lender that best suits your needs.

2. Loan Application Process

Takes 24-48 hours (approx).

Your loan application will be lodged with the lender within 24 hours of receipt of ALL required supporting documents. This includes the First Home Owners Grant (FHOG) application, where applicable. Please note, on some occasions the lender is not able to lodge the FHOG application on your behalf so please check with us first.

Once lodged, we will receive confirmation receipt from the lender within 24 hours.

3. Conditional Approval

Takes 2-3 days (approx).

We will receive a conditional approval from the lender on your behalf. This will detail any outstanding matters requiring attention prior to unconditional (full) approval. At this stage of the loan process the lender orders a valuation (if required).

4. Valuation Reports

Takes 3 days (approx).

Valuation report(s) will be received by the lender within 3 days of request (subject to property access).

5. Unconditional (full) Approval

Takes 2 days (approx).

We will receive unconditional (full) approval from the lender within 2 days from receipt of their satisfactory valuation(s). We will forward a copy of the formal loan approval to and notify your estate agent of the good news.

6. Mortgage Documents

Takes 5 – 10 days (approx).

Under normal circumstances, the lender will send a copy of the mortgage documents to you (or the nominated party) within 5 days of unconditional (full) approval. You will need to sign the mortgage documents and return them to the lender within 5 days.

Once you receive your mortgage documents please contact us so we can arrange a meeting to go through them together.

7. Loan Settlement

Takes 2 – 10 days (approx).

If you are purchasing a property

Between 2-3 days after you have returned your mortgage documents your solicitor/conveyancer will contact the lender to book settlement.
Please note; solicitors/conveyancers need to allow 3 – 5 days prior to settlement to arrange the necessary paperwork.

If you are refinancing your existing mortgage

Between 2 – 3 days after you have returned your mortgage documents the lender will liaise directly with your existing lender to arrange your property refinance settlement.

Please note; your existing lender usually requires 10 working days to prepare a discharge of your existing mortgage and to arrange settlement.

8. Congratulations!

Congratulations! Settlement has been effected and your loan is in place.

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