Step 6 – Final Approval

Your signed and completed Loan application will be submitted for approval immediately.

Your application will then be assessed by your preferred lender who will advise their decision within 1 to 5 working days. If your application has been successful, your preferred lender will issue their Conditional Approval which may be subject to:

  • Valuation, an independent market assessment of the current value of the property or properties you are offering as security for your home loan
  • Mortgage Insurance acceptance (for minimum deposit loans), which usually takes a further 48 hours
  • Any other additional conditions that the lender may specify

Once these conditions have been satisfied, your lender will issue their Formal, Unconditional Approval, usually within a further 3 to 5 working days.

Once your home loan is formally and unconditionally approved, your loan documents will be mailed directly to you. It is important that you check through the details of your documents thoroughly before signing. Some people choose to use their Solicitor or Accountant to assist with this. It is also important that you return your documents as soon as you conveniently can, especially if you are in a hurry for the loan proceeds. It will also be necessary at this stage to arrange insurance for your home unless it’s covered by strata title insurance. You will be required to provide a Certificate of Currency noting the Lender as the interested party prior to settlement.


Step 5 – Exchanging Contracts | Step 7 – Settlement