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Our record Home Loan Settlement took 5 working days but on average, home loans take between 2 to 4 weeks to settle.

1) Upon the lender receiving the valuation fee and a signed application, there will be a credit worthiness check
completed with Veda Advantage.

2) Upon satisfactory credit report and providing the loan application meets product policy criteria, a conditional approval will be issued by letter, followed by telephone confirmation from our office. The length of time that
this will take will depend upon you providing our office with all relevant documents as soon as possible.
(Generally within 24 hours of credit check, for non-referred applications)

3) A valuation will be carried out on the property(s).
(Generally within 72 hours of conditional approval)
Please note that valuations may be done prior to conditional approval in special circumstances. (The “Valuer” will contact you to arrange access to your property.)

4) A loan proposal submission is forwarded to “Lender’s”, Mortgage Insurers or Lender’s Underwriters.
(Generally within 48 hours of valuation)

5) Once approved by Mortgage Insurer or Underwriter and providing all conditions of conditional approval are met, you will be notified by the lender in writing, of “FORMAL APPROVAL” (unconditional). You will also be notified of your formal approval with a phone call from our office.
(Generally within 48 hours of Mortgage Insurers approval)

6) Once formal approval has been issued, a “Letter of Offer” is prepared by the Lender’s Solicitor/s and Loan
Contact/s are drawn.

7) Loan Contact/s will be mailed to you or your nominated legal representative (Solicitor).
(Generally within 5 working days of formal approval)

8) You are contacted to arrange a time for signing of contracts with independent Solicitors (in the case of Legal
or Borrow Assist), at which time the contracts will be fully explained in clear and precise detail.
(Phone call will occur generally within 24 hours of contracts being mailed)
Alternately, Loan Contract/s will be forwarded to your nominated Solicitor for sign off.

9) Once Loan Contract/s are signed, you or your solicitor will return the Loan Contract/s to the lender after
which time, the solicitors for the outgoing lender and/or the vendor’s solicitor (in the case of a new property purchase) and the solicitor for the new lender arrange a mutually agreeable date and time to exchange contracts and/or to book settlement.

10) Once Contract/s settlement has occurred, account number/s are allocated by the Lender and posted on to
you, with cheque books, deposit books and credit cards as requested.
(Generally within 7 working days of settlement)

11) Upon finalisation, you will receive a follow-up call from our Customer Services Manager who will confirm successful settlement and offer additional clarification, assistance or advice, if required.

Alternately, should you wish to ring our office, please do not hesitate to call us on:

1300 30 29 29

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