Loan Application Process
Interview
During the interview(s), we will discuss and help you to select the most appropriate product and lender that best suits your needs. Once the most appropriate lender and loan product has been selected, the loan application process begins
Loan Application
Supporting documents, completed applications and all other necessary information are provided by you to your mortgage broker. Your mortgage broker then packages your home loan application and presents it to the lender. At this stage, they should notify you that your application has been submitted for approval.
Conditional Approval
The lender evaluates your application by undertaking credit checks and ensuring that the information submitted is authentic. Once these checks have met the lender’s specific lending guidelines, a conditional approval will be issued by the lender via your broker. If the lender requires more documents or supporting information, your broker should discuss this with you. Upon conditional approval, property valuation(s) will be ordered by the lender (if required).
Valuation Reports
A valuation of your property will be undertaken on behalf of the lender. An inspection report will be submitted by a valuer and sent directly to the lender to be reviewed. If it meets the lender’s guidelines, an issuance for an unconditional approval will begin.
Unconditional Approval
We will receive unconditional approval from the lender within 2 days from receipt of their satisfactory valuation. We will then contact you to confirm written unconditional approval has been received from the lender. If a lender’s mortgage insurance (LMI) is required for your loan, approval will be sought through the LMI provider. When this approval is granted by the LMI provider, an unconditional approval will be granted and the loan documents will be prepared.
Mortgage Documents
The lender will now issue an unconditional approval for your loan and also start preparing your loan documents. These will be sent to you from your lender and your broker will then assist you in executing these documents. These signed forms must be then sent back to the lender. Once all verifications have been done, the lender will then start the settlement process. In the interim, your mortgage broker will apply the First Home Owners Grant (FHOG) application to the lender on your behalf where applicable.
Loan Settlement
After you have returned your mortgage documents your solicitor/conveyancer will contact the lender to book settlement.
Congratulations
Congratulations! Settlement has been effected and your loan is in place.