From application to settlement

 

WHAT HAPPEN WHEN WHAT THE BANK DOES

Week one

Loan approval & documentation

Tip # 1 -  To process your loan as quickly as possible, bring documents (such as your 2 most recent payslip) to your loan interview. Refer to your appointment card for a complete list of documents you're required to bring to the interview.

Week two to week three

Signing & returning of documents

Tip #2 - To help us ensure your settlement occurs on the required date, please ensure that all documents are signed, witnessed and returned to the bank ASAP.

 

  • We assess your application for finance for a Home/investment Home loan. 

  • In most cases we will advise you whether or not you are eligible for the loan at the time of application. Otherwise we will endeavour to contact you within 1 business day regarding the status of your application.

  • Your Load offer & Mortgage documents will be mailed to you within approximately 2 business days of approval

Week Three to Week Five

Exchange information

Tip #3- Your solicitor/conveyancer should advise you of the settlement details a week before the settlement date.

Your legal representative confers withthe bank to agree on a time and place for settlement if a new purchase is involved.

  • The bank exchanges information with your legal representative and/or other financial institution(if refinancing an existing home loan) to ensure all legal requirements are met and payout figures and discharge of title, etc. are provided in a timely manner. 

Week five to Week six

Settlement takes place

Tip #4- The sellers solicitors should advise your real estate agent to hand over the keys to you once settlement has taken place.

  • Settlement takes place

  • The Bank debits your previously nominated account or related account with stamp duty and registration costs.

  • Title Deeds and Mortgages are registered as the Titles Office to transfer property ownership.

After Settlement

  • Shortly after settlement, you will receive a letter in the mail confirming your loan has been funded. You will also receive a Welcome Pack, full of information to help you manage your loan effectively.