Although you may have completed our "Instant Approval" online enquiry, your Home Loan Application will only be submitted once you instruct us to find the right loan for your needs based on your unique circumstances and requirements.

What happens when I submit my home loan application and how long does it take?

 

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

 

Application & Process Steps

 

	Upon Receipt of a fully executed Loan Application and Supporting Information a Loan Proposal submission is forwarded to the respective Financial Institution.
	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.
	Once formal approval has been issued, a “Letter of Offer” is prepared by the Lender’s Solicitor/s and Loan Contact/s are drawn.
	Loan Contact/s will be mailed to you or your nominated legal representative (Solicitor). (Generally within 5 working days of formal approval)
	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. Alternately, Loan Contract/s will be forwarded to your nominated Solicitor for sign off.
	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.
	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.

 

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

02 4365 0101

 

E-mail: assist@mortgagebuddy.com.au