Home Loan Process

We offer a FREE no obligation online home loan rates quote and home loan comparison service which compares hundreds of different home loans against your existing home loan or a home loan of your choice and compares the 3 different loans from 3 different lenders best suited to your current requirements, you can see with your own eyes how your existing home loan or the home loan of your choice compares with the best we have available in the market. This information can be emailed, faxed or telephoned to you, so you can make an informed decision.

Home Loan Process – How Long will it take?

To give our customers a full understanding of the our home loan application process each step and the time frames are fully explained as follows: The time frames may vary slightly depending upon the lender selected, the valuer and/or the complexity of the loan application. Your Consultant will be with you every step of the way through the finance process to answer any questions you may have.

Step 1. – Interview

This is done at a time and place convenient to you, either your home, workplace or our office. During the interview the consultant will listen to you so they get a fully understanding of your current situation and what it is you want and expect. Then a fact find document is completed to gather all the information and your goals and objectives. Once the consultant has all the information required they then search for various options available to you. After researching many different lenders and loans the consultant will come back to you with 3 options which best suit your current circumstances.  Once the most appropriate lender and loan product have been selected and you are satisfied and agree it is the right option for you, then the loan application process begins and a home loan application form is completed for that particular lender.

Step 2. – Home Loan Application Process: Takes 24-48 hours.

Your Home loan application is returned to the office where it is  processed and lodged with the bank within 24 hours of receipt of all the required supporting documentation. Within 24 hours of us lodging the application with the bank of your choice we receive notification the application has been received and assessment has begun. You will then receive a call from the office staff who take over the application.  You will also receive notification from Advantage Mortgages Australia in the form of a personalised letter, that the loan application has been processed and forwarded to the bank, and laying out the steps of the process.

Step 3. – Conditional Approval:  Takes 2-5 days.

Once the application has been assessed by the bank and satisfies their criteria a conditional approval is issued subject to certain conditions eg. Valuation of the property and any outstanding matters requiring attention. Immediately a conditional approval is issued the bank will order the valuation of your property. The licensed Valuer will contact you to arrange a suitable time to assess your property.
Advantage will contact you by phone to inform you the loan has been conditionally approved and inform you if there are any requirements other than the valuation.

Step 4. – Unconditional (Formal) Approval:  Takes 3-5 days.

Once the bank receives the valuation report and all other conditions are met the bank can then proceed to Unconditional Approval, which means your loan is approved, the real  estate and settlement agents are notified and the next step is for the lender to prepare the Mortgage Documents. You will receive notification confirming Unconditional Approval by both phone and a personalised letter from Advantage Mortgages Australia.

Step 5. – Mortgage Documents:  Takes 7-10 days.

Once the loan has been unconditionally approved the bank instructs their solicitors to prepare your mortgage documents and forward them to you or a nominated party. You should receive these with in 7 to 10 days from forma approval. When these documents have been signed and returned to the bank and are all in order a settlement date can be scheduled.

Step 6. – Loan Settlement:  Takes 3 – 10 days.

After the Mortgage Documents have been return and checked, the banks solicitors will book a settlement date where all the parties involved come together to effect settlement, this part of the process may vary if the loan is for a property purchase or a refinance.

Step 7. – Congratulations!!!

As soon as the loan settles Advantage is notified in which case you will immediately be contacted. by phone to inform you the loan has settled. Advantage Mortgages Australia will then notify you by phone and with a personalised letter that the loans has settled also all your original documents will be returned. Advantage Mortgages Australia ‘s service does not stop once settlement has occurred and we are available at any time to assist in your ongoing financial management.
It is important to note Advantage Mortgages Australia’s consultants want to be contacted at any time to answer any questions you may have throughout the whole home loan process.