Residential   Construction   Investment   Pre-Approvals   Refinance   Deposit Bonds   Debt Consolidation   Lo Doc   Vehicles   Commercial

..........The Best Spot for the Right Loan

THE LOAN PROCESS - THE FULL PROCESS

• Interview(s) and loan selection

  

  • With our knowledge, experience and unique software we sit down with you to work out the best solution for your needs,

  • We can either fill out the forms for you and send them to you for final verification and signature or we can sit with you to fill it out and check that we have all required supporting documents and information,

  • This is probably the most important step and can take several hours to complete. It need not happen in one session and we will always encourage you to take your time. We are more than happy to do as many loan analysis as it takes to help you make the right decision.

• Loan submission

  

  • Once you have made your decision we will submit the application to the lender and start the process of monitoring the progress thereof,

  • Some lenders now offer the ability to submit applications electronically and with our mobile internet connection we can process it in the comfort of your home! ^*

• Conditional or pre-approval

  

  • Depending on the lender and method of application, conditional approval can be obtained from as little as minutes to a few days,

  • We will provide you with a conditional approval letter once granted by the lender,

  • The letter will state the conditions which may include, but is not limited to:

    • Final verification such as CRAA credit check

    • Income verification

    • Valuation of the security property etc

  • We often obtain pre-approvals for our clients to allow them to look for a property with more confidence that their finances are in order. These approvals are valid for up to six months,

  • Once you have made an offer on the property, all we normally need is a copy of the front page of the contract so we can submit it to the lender for valuation and final approval

• Unconditional approval

  • Once all the lender's conditions have been met they will notify us that it has formally / unconditionally approved your loan,

  • We will arrange for an unconditional letter of approval to be sent to you,

  • The lender will now proceed to issue formal letters of offer and the mortgage documents,

  • If you are eligible for the First Home Owners Grant (FHOG), see First Home Owners Grant for further details, we will assist you to fill out the application and submit it to the lender for further processing,

  • If required our JP can even certify the required documents as true copies of the originals 

• Letter of Offer, Loan and Mortgage Documents

  

  • The lender issues the formal loan offer documents which contain all the features, fees, charges and conditions applicable to your loan(s),

  • It is important to study these documents carefully and it may be advisable to have your solicitor check it for you,

  • The lender (or solicitor) will also send you the mortgage documents for signature,

  • Once you are happy with all the documents and have been signed by all the required parties, they should be returned to the lender / or solicitor to allow settlement to proceed

• Settlement

  

  • Settlement is usually set for around 42 days from the date of the contract but can also be another negotiated date,

  • Settlement can only occur if all the documents such as the letter of offer, mortgage documents and sometimes FHOG has been approved,

  • At settlement all the parties' moneys due are settled,

  • Your solicitor should provide you with full details of the settlement,

  • We will inform you once we have obtained notice of successful settlement.

^* Provided our service provider covers your area