Loan Process

1. INTERVIEW

During the interview(s), we will assist you to select the most appropriate product and lender that best suits your needs. Once this is done your loan application process begins.

Tip 1: : To process your loan as quickly as possible bring documents to your loan interview. Refer to Document Checklist.

2. LOAN APPLICATION PROCESS

Takes 24-48 hours.

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 can not lodge the FHOG application on your behalf. Check with us for further details. Once lodged, we will receive confirmation receipt from the lender within 24 hours.

3. CONDITIONAL APPROVAL

Takes 2-3 days.

We will receive a conditional approval receipt from the lender on your behalf. This will detail any outstanding matters requiring attention prior to unconditional (full) approval. Upon conditional approval property valuation(s) will be ordered by the lender (if required).

4. VALUATION REPORTS

Takes 3 days.

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.

We will receive unconditional (full) approval from the lender within 2 days from receipt of their satisfactory valuation(s).

We will then contact you to confirm written unconditional (full) approval has been received from the lender.

6. MORTGAGE DOCUMENTS

Takes 5 days.

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.

Please note - on receipt of the mortgage documents you are required to phone us to confirm your receipt and confirm for us all is in order for you to sign.

Tip 2: : To help us ensure your settlement occurs on the required date please make certain that all documents are signed, witnessed and returned to the Bank ASAP.

7. LOAN SETTLEMENT

Takes 2-10 days.

Purchasing a property

Between 2-3 days after you have returned your mortgage documents your solicitor/conveyancer needs to allow 3-5 days prior to settlement to arrange the necessary paperwork.
Please note - solicitors/conveyancer needs to allow 3-5 days prior to settlement to arrange the necessary paperwork.

Tip 3: Your solicitor/conveyancer should advise you of the settlement details a week before the settlement date. Your legal representative confers with the Bank to agree on a time and place for settlement if a new purchase is involved.

Refinancing

Between 2-3 days after you have returned your mortgage documents the lender will liaise directly with your existing lender (if different) to arrange your property refinance.
Please note - your existing lender may require up to 21 working days to prepare a discharge of their existing mortgage and arrange settlement.

8. CONGRATULATIONS

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

Disclaimer: These time frames are in agreement with the banks terms, however, these are subject to volatility due to banks processing and the state in which your property is purchased.