The Loan Process

Understanding The Loan Process

Obtaining a home loan can seem daunting. There are a sea of questions and even worse, conflicting answers. That's why we have put in the hard yards and provided you with the information below. 

Here, we outline the steps of the process and can answer any questions you may have. 

1. Contact

  • We need to have a chat
  • Gather your financial information and store it safely
  • Run the numbers and work out the option that is your ideal situation
  • Discuss your goals and make a plan

2. Preparation of loan application

  • Collect all supporting documentation
  • Coordinate with other professionals you may use, such as; accountant, conveyancers, real estate agents and current/outgoing bank
  • Once the majority of documents are provided to us, the loan document preparation team will process the loan documents for signing within 24 hours. * Please not loan volumes may vary these times.
  • The team will provide these documents for signing and outstanding information and documents required
  • Bank valuation - some banks allow up front valuation and some will require submission of the application for conditional approval first.

3. Submission

  • We collate all the documents sent back and clarify any outstanding points
  • Click the 'Submit' button and join the bank's approval queue
  • Some lenders will run at up to 3 days to pick up the file while others may be longer
  • We will email you with a time frame estimate based on what the lender tells us

4. Approval

  • We notify you and any others you're working with (i.e. conveyancer) or your Formal Approval
  • Buying - Formal Approval will be a major component of moving forward with exchange of contract of sale
  • Loan Agreement Contracts are issued within 48-72 hours past approval
  • Loan Agreements:
    • ​​​Typically issued via physical documents via post, secure email or docusign
    • ​​​If the security is a house, to have building insurance. if you need help here this can be arranged for you

5. Settlement

  • Once the Lender receives your Loan Agreement, they will typically take between 2-3 days for certification ready for settlement
  • People involved in settlement are: broker, your bank, conveyancers/solicitors, agents and ongoing banks
  • Any additional monies for the purchase or refinance will be paid by you, either to the conveyancer trust account or into the nominated bank account
  • We handle all the messy details and update you on this process so you can keep track of what is going on
  • Purchasing final step - You'll receive the keys to your new home via the real estate agent
  • Refinancing final step - Welcome to your new loan

6. Support

  • At this point, it might pay to be smart by taking out or reviewing your Personal Risk Insurance, Building Insurance or even a complimentary review with a financial planner to safeguard your financial health
  • If there are any changes to your loan post approval or you are looking at fixed rates/products, refinancing, selling or purchasing again, we can help then too! 

 

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