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

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.
What is a 'Credit Report'
A credit report is a detailed report of an individual's credit history. Credit bureaus collect
information and create credit reports based on that information, and lenders use the
reports along with other details to determine loan applicants' credit worthiness.

Read more: Credit
Report http://www.investopedia.com/terms/c/creditreport.asp#ixzz4tWy77img 
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Mortgage Underwriters
The most common type of underwriter is a mortgage loan underwriter. Mortgage loans
are approved based on a combination of an applicant's income, credit history, debt
ratios and overall savings. Mortgage loan underwriters ensure that a loan applicant
meets all of these requirements, and they subsequently approve or deny a loan.
Underwriters also review the property's appraisal to ensure that it's accurate and that
the home is roughly worth the purchase price and loan amount.

Mortgage loan underwriters have final approval for all mortgage loans. Loans that aren't
approved can go through an appeal process, but the decision requires overwhelming
evidence to be overturned.

Read more: Underwriter http://www.investopedia.com/terms/u/underwriter.asp#ixzz4tWycufL8 
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