Home Loan Approval Process
We target to settle home loans within 10 business days.
This is a guide to show how the standard loan approval process works.
This is the estimated timeframe for online applications and should be taken as a guide only. The timeline of the whole process depends on a number of circumstances like property location and the response time from you, valuers and solicitors, etc.
The loan approval process takes into account business days only. Usually if we require information from you, we would need it a few hours before 5 pm EST (Monday to Friday), so we have sufficient time to check and process. We do not take into account the timing of Australia Post in delivering the information in the mail.
Home Loan Approval Process
| First Stage - Applying for your Loan (1st day) |
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| You apply online and we receive fully completed application form. |
| Second Stage - Conditional Offer (1st day) |
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| Your application may be conditionally accepted (or rejected) subject to you verifying your income, the valuation of your property and a few other personal details. |
| Third Stage - Verification (1st day) |
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We will need you to give some documentation to confirm your ID, income and a few other details. An authorised referee will verify this information. The timing of this is at your convenience. The sooner you can send the documentation, the faster we can speed up the loan process.
You will have to pay an application fee of $350. If you have instructed us to proceed with the loan application and we incur legal expenses you will be liable for those expenses. Application fee can be mailed with the other documentation or you can choose to direct deposit into our bank account. |
| Fourth Stage - Valuation (3rd day) |
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| A Registered Panel Valuer will arrange an appointment with either you or your real estate agent to inspect the property. An additional valuation fee will be required if the property value exceeds $500,000 or if more than one valuation is required. |
| Fifth Stage - Formal Approval (4th day) |
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| We will send you a final formal approval letter. This usually means that we are ready to proceed to complete the documentation necessary to finalise the loan. We will instruct the Lender's solicitors to prepare the settlement package. |
| Sixth Stage - Settlement package (6th Day) |
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| The solicitors will post the settlement package to either you or your solicitor/conveyancer (if you have one available). This will comprise of a loan agreement that you will need to read thoroughly, complete the necessary information, sign and return to the Lender's solicitor. |
| Seventh Stage - Settlement Pack to our solicitors (7th Day) |
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| The signed settlement pack needs to be delivered or posted back to the Lender's solicitors. The sooner they will receive the executed settlement package , the faster settlement will be able to be booked. |
| Final Stage - Settlement (10th Day) |
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| Your loan has settled and a settlement letter will be posted to you. |
Online Application - with our secure form it takes only 5 minutes to get an obligation free pre-approval.
