Home Loan Process

Process for all types of home loans

Once you contact us, we will arrange a suitable time to chat about your current situation in person or over the phone.

You will need to allow approximately 1 hour for this first meeting.

We find out what you are looking for in a home loan and discuss the choices available to you. We explore

  • your maximum borrowing capacity with a variety of lenders
  • loan structures available
  • the features and benefits that the lenders offer and
  • approximate loan repayments.

Once you make a decision to proceed we then lodge your loan application for you to your chosen lender.

The application will then be assessed by the lender and a decision will be made.

If the loan is approved this is called  “conditional” approval or “approval in principal”.

The lender usually gives us your decision in writing (which we then forward to you).

Depending on the lender this usually takes between 2-10 working days.

We will check the progress of your application on a regular basis and give you updates via email, phone or text (whichever you prefer).

Once conditional approval comes through a valuation on the property being used as security is ordered.

If it is a refinance on an existing property you already own,  a valuer will contact you to organize access to the property.

If you are purchasing a property we will need a copy of the contract of sale with your name and address plus the purchase price of the property.

A valuer will contact the real estate agent or investment group you are purchasing the property through to organize access.

The valuation process normally takes between 3-7 working days.

Once the valuation comes back (and is acceptable to the lender) the loan will then proceed to formal approval stage (usually about 5 working days after the valuation is back).

If mortgage insurance is required on the loan the file will probably take a few extra days. At this point in time you may be asked for extra documents if the mortgage insurer wants to satisfy themselves that the loan is acceptable to their policy.

The lender usually gives us the formal approval in writing and once again we forward you a copy for your records.

Once your loan is formally approved the lenders legal representatives will prepare your loan documentation and they will be sent to you or to your solicitor.

Documentation preparation usually takes between 3-7 working days.

You have a choice of signing your loan documentation yourself or with your solicitor.

We highly recommend that you seek independent legal advice from your solicitor so that you get the documents explained in full and checked (please note that brokers are not legally allowed to give advice on loan /mortgage documents however if you have any general questions regarding the loan or documents we are only too happy to help).

Once you have signed the documents they will be returned to the lender and once all parties involved in the transaction are satisfied that everything is in order a settlement date will be booked.

This date is normally determined by the legal parties involved in the transaction. Please note that you will need to send back a copy of insurance on the property being used as security with the lenders name noted as “mortgagee”.

Your mortgage planner can help organise insurance for you.

After your loan settles, you’ll receive confirmation in writing from the lender (usually within a week of settlement). This letter will include your loan account details, balance of the loan repayment amount, repayment dates and contact information for any questions. You will also receive regular loan statements from the lender. The lender will then handle your loan and any general questions/customer service needs.

We will remain in touch with you through the life of your loan – you will receive quarterly newsletters, be eligible for our competitions, invitations to our events and emails to update you on what is happening in the mortgage market.

If in the future you need to increase your loan or would like to apply for a new loan we are only too happy to be of assistance.

This is just a general overview of the process of a loan.

The process varies from lender to lender however we hope this gives you a general idea of how your application through us works.

Please do not hesitate to discuss any further questions with your mortgage planner at any time throughout the process.