LOAN CALCULATORS & TOOLS
First of all, contact us to discuss your loan needs; you can then expect the following general process:
Step 1 - We make the time to discuss your loan needs
Step 2 - Getting your loan approved
Step 3 - Settling your loan
Step 4 - Time to celebrate!
Step 1 - We make the time to discuss your loan needs
We understand your requirements
Usually at your home or a place convenient to you (or by phone if you prefer), we will listen to and understand your financial requirements.
We compare and analyse suitable loans for you
Once we've done this, using our most advanced loan technology, we can instantly give you an idea about the most suitable loan offers available and the benefits of each, selected from hundreds of different loan products from different lenders in the market. You'll also know right from the beginning the actual costs involved (such as stamp duties, legal charges and bank fees) so there won't be any surprises later on.
We'll make sure you have a clear picture of the most suitable loan choices available so that you can make an informed choice.
We prepare and submit your loan
With the most suitable loan and lender selected, the loan application process will begin. We will discuss with you what information is required for your loan, and once we have all of this from you (see loan preparation checklist), we will coordinate and lodge your loan application to the lender.
We hold your hand all the way
We make sure you know what's happening with your application at every stage of the process from the application through to the settlement stage, but you never have to concern yourself with the details - that's our job. We handle all the paperwork, calculations and communications with the lender right through until the loan has settled.
Step 2 - Getting your loan approved
Conditional Loan Approval
The lender assesses your application and does relevant checks. Usually within a week of lodging your loan application (and often within 24-48 hours), conditional approval of your loan is given (or declined) by the lender, listing any conditions or outstanding matters requiring attention prior to unconditional (full) approval by the lender. We will let you know if the lender requires anything more from you.
Once conditional approval has been given, a property valuation(s) will be ordered by the lender if required, and obtained within 2-3 days, subject to gaining immediate access to the property to be valued. This is paid by the lender.
Unconditional Loan Approval
This usually takes up to 2-3 days once the valuation report(s) have been received and assessed by the lender. This process also includes getting mortgage insurance sign-off by the lender (if required).
We will contact you as soon as the lender advises us that they have given unconditional (full) approval of your loan.
Step 3 - Settling your loan
After unconditional loan approval, the lender will send you (or your nominated party) the mortgage documents to sign and return. Where we can, we will assist you in completing these documents and getting them back to the lender promptly.
If you are purchasing a property...
Once the signed documents are received by the lender, your solicitor/conveyancer will coordinate settlement with the legal representatives of the lender and seller.
If you are refinancing a loan...
Once the signed documents are received by the lender, the new lender will liaise directly with your existing lender (if different) to arrange your property refinance. The existing lender can take 5-7 days to prepare the discharge and settlement of the existing loan.
Depending on which lender, the settlement process usually takes 3-7 working days from the date the lender receives your signed documents.
Step 4 - Time to celebrate!
Congratulations - your loan has been settled and is now in effect. You can now gain access to your property or start to rent it out.
See How Long Does Approval Take?
With over 650 different loan products in the market from all lenders, it can be a daunting time to go shopping for a home loan if you are doing it yourself or don't know what to look for. The benefits of why you should use a professional Time Finance Mortgage Broker are guaranteed.
To enjoy each moment of your path, don't lose track of time.
Loan Application Process - Steps
- We discuss your needs
- We compare & analyse
- We prepare & submit your loan
- You get conditional loan approval
- LMI & Valuations if required
- You then get unconditional approval
- Settlement is arranged
- We’ll manage every step for you
Have a professional Time Finance mortgage broker contact you to get your loan requirements arranged on a no charge, no obligation basis.
Call 1300 833 839 or enquire online ›››
