The Loan Process
It’s as easy as 1, 2, 3.
One: You contact us.
Two: We ask you to complete a fact find so we can work out the product that suits you best.
Three: We take care of all the paperwork, you just sign & we do the rest!
For those who like more detail, here are all the little steps…
Step 1
We receive your enquiry via our CONTACT US page & you advise us if you need help securing finance to buy a property or to refinance your existing loan.
Step 2
1. We send you a FACT FIND to complete so we can assess your eligibility for finance and calculate your borrowing capacity. We will also send you our Credit Guide and Privacy Statement.
2. After receiving your Fact Find we prepare a Preliminary Assessment & notify you of your borrowing capacity. We will send a PRODUCT COMPARISON SCHEDULE that provides a summary of loan products that may be suitable. This will include product specifications such as interest rates, loan repayments & loan fees (upfront & ongoing). Loan features such as offset, redraw, ability to make extra repayments are included in this document.
3. If you are buying, we will email a summary of PURCHASING COSTS, so you know how much is needed to cover your deposit plus purchasing costs (includes government, lender & settlement agent fees).
4. If you are refinancing, we will email a summary of SWITCHING COSTS & calculate the potential interest saving from changing lenders.
5. Before refinancing to a new lender, we will negotiate a better rate with your current lender & if its not competitive we will help you switch lenders.
6. We will schedule a telephone consultation to discuss your FINANCING OPTIONS. All your questions regarding the different lenders, products, rates, repayments, loan features will be answered so you can decide on a lender and product.
7. We will forward a Credit Proposal Disclosure that summarises all the details of the loan that is recommended to you from the lender you have chosen.
Step 3
8. If you decide to proceed, Maria will send you the lender forms for signing with a list of the required supporting documents needed by the lender.
9. Once we receive all your signed documents, your application will be submitted to the lender for assessment. Processing times can vary between lenders, we will advise you upfront of the expected time frames.
10. We monitor the progress of your application & send you regular updates.
11. Once we receive your LOAN APPROVAL, we will send written confirmation to you & notify all relevant parties (real estate agent, settlement agent, builder) of the good news.
12. Next your LOAN DOCUMENTS are issued, and we arrange a time to meet up & sign them.
13. We will ask you to arrange BUILDING INSURANCE to cover the replacement value of your new property. This is a requirement of the lender and settlement cannot be booked without it.
14. Once the lender receives your signed loan documents, they will be checked & certified ready for settlement.
15. We will notify you once your settlement has been booked.
16. Your SETTLEMENT goes through and the celebrations begin!