The Loan Process

The last thing we want to do is keep you in the dark about your finance loan or mortgage!
Here are the 5 general steps that you can expect when going through the loan process and the documents that you may need to get things moving.

1: Application process

With one of our certified licenced brokers, you will be presented with a range of loan types and
scenarios. During the completion of your application form, you may be required to provide the following items:

  • 100 points of identification (e.g. Driver’s licence, passport, birth certificate – for a full list of items please contact our office.
  • 3 recent payslips.
  • Bank statements (both credit card and savings for the past 6 months).
  • A contract for purchase/sale of home or land (where applicable).

2: Conditional approval

If the lender assesses your situation to be suitable enough to support loan repayments at first glance, a conditional approval will be issued with a list of further conditions to be fulfilled. Please note that the conditional approval is not a set indication that you will be eligible to receive the loan.

3: Formal approval

Once the specified conditions have been successfully met and a valuation of your security property and assessment for lender’s insurance (LMI) has been completed, a formal approval will be issued.

4: Documentation

Following a formal approval, documentation for your loan will be issued from the bank, sent to either you as the client or “Effective Mortgage Services”. Once signing and returning to the bank, it takes approximately 3 to 4 business days to certify the documentation.

5: Settlement

After document certification, the loan can be booked for settlement (a process that will have to be carried out by a conveyancer or solicitor in circumstances of the sale of home / land). Funds will be available generally one to two business day after the settlement of your loan.

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