Home Loan Process
A basic guide to getting your home loan approved.
1. Selection of your lender
Fortunately for you our cutting edge technology takes the hard work out of identifying what lender is the most appropriate for your situation. Once you have selected your lender a mobile banker from the bank will contact you within 24 hours to arrange a meeting time.
2. Mobile lender meets with you
The mobile banker will drive out and meet with you at a time and location that is convenient for you. No need for you to go to the bank, they come to you… it’s the way it should be.
3. Application
The mobile banker will assist you in completing your application. There are a number of documents that you will need to provide. The mobile banker will let you know what you need prior to the meeting. Generally you will need the following: Identification, employment details, tax returns and bank statements.
4. Conditional approval
Once your application has been processed the bank will provide you with conditional approval. Conditional approval means that the bank requires any outstanding items to be completed prior to providing an unconditional approval. The loan approval is generally conditional based on a valuation.
5. Valuation
A valuation will be completed by the bank.
6. Unconditional Approval (Full Approval)
You will receive an approval from the bank upon completion of all conditions. The formal approval will be provided to you in writing.
7. Mortgage Documents
In general, mortgage documents will be issued to either you or your conveyancer within 1-2 weeks. These documents include the bank’s legal terms and conditions that need to be signed and returned to the lender.
8. Loan Settlement
The lender will liaise with your conveyancer to ensure that settlement occurs. Congratulations, your loan has been completed!
This guide is general information only and is not product advice. If you need advice on your circumstances you should seek professional financial advice.