Step 1
Loan Application Taken
All outstanding documents are collected (pay slips, group certificates etc)
Once all documents are received the loan application is lodged within 24 hours.
Step 2
Lender Timeline
Allow 2 – 4 days for the assessment of your loan application.
Upon which a Conditional Approval is given. A Conditional Approval
is subject to any verification of details and (usually) valuation.
(Allow up to 2 – 5 days for valuation).
(If Loan Mortgage Insurance is applicable) The Loan Application is then
sent to Loan Mortgage Insurer. (Allow 2 – 4 days)
Once satisfied….
Step 3
Formal Approval
This is when all outstanding conditions are satisfied and Formal Approval
for the loan is issued to clients.
Lenders will then be drawing up loan documentation and contracts through Solicitors.
(Allow 2 – 5 days for documents to be sent to clients).
Step 4
Signing Documentation & Contracts
All documentation is to be signed and returned to the Lender, once documents have
been returned and received by the Lender (allow 2 – 5 days) for Document Certification.
If within this time a Refinance is involved, allow up to 5 – 10 days for
Discharge of Title papers to be prepared from any other Lender.
Step 5
Settlement
All conditions are approved; your loan process has been successful.
This is to be used as a rough guideline to a standard loan process.
Please note: time frames may differ depending on your individual financial status.
