Understanding The Loan Application Process

Your Loan Application Process

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

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 and recommend best loan

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 you 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 (full) Loan Approval

This usually takes a few 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 put those property plans into action!

How long does the loan process take?

Depending on the complexity of your situation and getting the documents ready, initial and then final approval will take anything from days to a couple of weeks. Larger home loans and more complex situations will typically take longer. Simpler scenarios can be much faster.

Settlement time required by the lenders from that date of approval can range from days up to 2 weeks, depending on the lender.

On average, assuming no complexities, allow 3-4 weeks for a complete process. Let us know of any special timing issues you have and we will do what we can to tailor this process for you.

If your time is precious and you want the help of an expert in the loans business, then there is no doubt that your local Time Finance Loan Consultant will help you save time and money in getting the best loan for your circumstance.