Loan Approval Process

This is a guide that shows how the loan approval process works.

This is the estimated timeframe for when you apply over the phone or online applications, and should be taken as a guide only. Our loan approval process only takes into account business days. 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. We do not take into account the timing of Australia Post in delivering the information in the mail.

 


 First Stage – Applying for your Loan (first day)
 

 

 You apply online, over the phone or post.
 


 Second Stage – Conditional Offer (first day)
 

 

Your loan will be conditional qualified.  This is our offer of acceptance to lend you the loan providing you can verify your income, the value of the property you want to buy and a few other information.  You can post the requested information. An authorised referee will verify your 100 point identification.

 


 Third Stage - Verification (first day)
 

 

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.  If you fax your paperwork to us, we deal with it within a few of hours. Alternatively, you can go to Australia Post Office.

You will have to post a fee for the valuation. However this fee will be refunded to you when you settle your loan. This fee can be mailed with the other documentation or you can choose to direct deposit into our bank account.

  


 Fourth Stage - Valuation (third day)
 

 

Our Registered Panel Valuer will arrange an appointment with either you or your real estate agent to inspect the property.

 


 Fifth Stage - Formal Approval (fourth day)
 

 

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 our solicitors to prepare the settlement package.

 


 Sixth Stage – Settlement package (Sixth Day)
 

 

Our 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 our solicitors.

 


 Seventh Stage – Settlement Pack to our solicitors (Seventh Day)
 

 

The signed settlement pack needs to be delivered or posted back to our Solicitor. This timing is at your own convenience and the sooner they will receive the executed settlement package , the faster settlement will be able to be booked.

 


 Final Stage – Settlement (Tenth Day)
  

 

Your loan has settled and a settlement letter will be posted to you.