How to Obtain a Loan in 5 Easy Steps

Step 1

Your broker can find out what your max borrowing amount based on your current financial situation and help decide on the right lender and product for you.

When you wish to proceed in obtaining the loan, your broker will assist in gathering all documentation and put together your application.  If you have the documentation ready the process can take as little as an hour.

Step 2

Your mortgage broker will advise you of conditional approval and what to expect in the next steps.  Lenders usually take a minimum of 2 days to make their decision.

Step 3

Your mortgage broker will help arrange a valuation of the property, prepare loan documentation, advise you of formal approval, assist in arranging building/pest inspection and building insurance and ensure you receive your loan documents.  This process usually takes 1 - 3 weeks

Step 4

This stage is known as "settlement", your loan is drawn down and is now in place providing that you have returned all relevant documents to the lender.

Step 5

Your lender will provide details of settlement amounts and loan repayment information.  Your broker will liaise with your lender and solicitor to ensure the documentation process has been completed. This process can take up to 2 weeks.