Home Loan Application Process
Most home loan applications will follow the same general process from initial interview to full approval. Depending on the complexity of your situation, this process may take anything from a few days to a couple of weeks, however as a guide, you should allow around 14 days for full approval and a further 2-3 weeks for settlement.
Step 1: Interview
During the interview process your Loan Market mortgage broker will discuss the home loans that suit your situation. Once you have selected the right home loan product, the loan process will commence.
Book a personalised home loan assessment
To book a personalised home loan assessment with an experience mortgage broker, fill in the form below or call us any time on 13 LOAN or direct on +61 2 9249 3739 and we will return your call within 2 business hours.
Step 2: Loan Application Process
Your Loan Market mortgage broker will ensure you have all the necessary documentation for your home loan application, and will lodge it with your selected lender.
Documentation may include:
- Passport/Visa/Citizenship Certificate
- Drivers Licence
- Marriage Certificate
- Birth Certificate
- Medicare Card
- Your two most recent payslips
- Copy of employment contract and/or a letter from your employer
- Most recent Payment Summary
- If self-employed, the last two year’s full tax returns
- Centrelink Statements
- Centrelink Entitlement Letter
- Proof of existing rental income
- Proof of proposed rental income
- Most recent statement for all savings accounts
- Copy of superannuation statements, share certificates etc.
- Copy of sale contact on existing home or settlement letter from your solicitor if the deposit it to come from the sale of an existing home
- Statutory declaration if any part of the deposit is a gift, stating it is non-repayable
- Rates notice on any existing properties
- Most recent statement for all credit cards, personal loans, leases etc
- Copy of loan statements for 6 months on any existing mortgages
- Copy of contract of sale for property being purchases
- Home Insurance certificate for all properties owned
- Copy of plans, specifications and fixed price contract for any construction
- Cheque for establishment fees if required
Step 3: Assessment
The lender will assess your application to determine whether you meet their serviceability requirements. This process includes confirmation of your income and employment and a credit reference check. Your supporting documentation is also assessed at this time.
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Step 4. Conditional approvalYour Loan Market mortgage broker will receive conditional approval on your behalf. The lender will also outline any matters that need to be addressed before they can issue an unconditional approval. |
Step 5: Security Assessment (Valuation Reports)
During the security assessment the lender may order a valuation on the property being purchased. Your Loan Market mortgage broker will advise you if the security assessment cost is included in your application fee.
Step 6: Lenders Mortgage Insurance
If required, your lender will now submit your application for Lender's Mortgage Insurance assessment.
Step 7: Unconditional (Full) Approval
Once your home loan is unconditionally approved, a formal Letter of Offer will be issued by the lender.
Step 8: Loan Settlement
Loan documentation is issued and should be forwarded to your solicitor/conveyancer, who will then liaise with the lender to schedule a settlement date. The first repayment on your loan will usually be required one month after the settlement date
Step 9: Insurance
There are two types of insurance you should consider:
- Home and contents insurance
- Life/income protection
You may need to start your insurance cover prior to settlement.
begin the home loan application process
Talk to your local Loan Market mortgage broker to commence your application for a home loan, or call us at any time on 13 LOAN (or + 61 2 9249 3739).
