The loan application process
To help you easily understand the loan application process, here is a time line which illustrates the basic steps involved in purchasing a home or refinancing an existing loan and the approximate time frames for each step
Please note, time frames are subject to the lender selected, the valuer commissioned and the complexity of the loan application. The period from signing a Contract of Sale to Settlement – when the property becomes legally yours – is usually six weeks (shorter in some states, such as Queensland).
Fact Find
To provide you with a tailored home loan recommendation, we will ask you to provide us with information relating to your personal financial requirements and objectives. We are required by law under the NCCP (National Consumer Protection Act) to complete this process known as the Fact Find, we then use this information to assess your needs and provide you with a preliminary assessment of your loan entitlement.
Interview
During the interview we will discuss and help you select the most appropriate loan and lender that suits your needs. We research 100’s of different loan products across more than 20 different lenders. Once the most appropriate loan and lender has been found, and agreed upon, we then commence the loan application process
Loan Application Process
Takes 24 to 48 hours
We will request all the documents that are required to support your application. Once we have received these documents we will then lodge the application with the lender
Conditional Approval
Takes 2 to 3 working days
We will receive a letter or receipt of conditional approval on your behalf from the lender. This will also detail for any outstanding matters that may be requiring attention prior to full approval (unconditional approval) Valuations are also ordered at conditional approval if required
Valuation Report & Insurance Quotes
Takes 3 working days
Valuations are assigned to external professional property valuation companies and take 2 to 3 days to complete subject to the valuer having access to the property. We will then contact you to provide an insurance quote, lenders will require an in force insurance policy before settlement.
Unconditional Approval
Takes 3 working days
Once the valuation report has been returned to the lender and they deem the report to be satisfactory, and there are no outstanding matters, then an unconditional approval can be issued. We can now advise you to proceed with the property purchase, exchange contracts and place your deposit.
Mortgage Documents
Takes 5 to 10 working days
Generally the mortgage documents will be issued within 5 days of unconditional approval, these need to be completed accurately, as any inaccuracies will need to be amended. We can assist with completion of mortgage documents if required
Loan Settlement
Takes 5 to 10 working days
In NSW and other states, for example, settlement is booked after unconditional approval has been granted, and contracts have been exchanged. It would be normal to expect settlement 30 to 35 days from exchange of contracts
