Loan application stages.
Within this page we aim to keep you updated of where your application is up to and how it’s progressing. Some people like to have more detail than others and for this reason we have created this 8 Stage process to give you an understanding on the estimated time frames and what needs to occur along the way.
Feel free to explore each stage to see what will be happening with your application soon.
At each Stage we will email you with a link back to this page, to the Stage where your application currently resides in, for your ease of reference.
- You have met or spoken with one of our Brokers and outlined what you would like to accomplish with your finance application.
- An email has been sent to you requesting the initial documents needed to assess your suitability and servicing limits of your application.
- A Welcome Pack email will have been sent to you with a link to this page.
- A processor has been assigned to your application to assist you in collecting the information needed.
- Time Frame: This will be dependent on how quickly you are able to return all the documents requested. Once we have all these documents, we aim to have a solution back to you within 1-3 business days.
- You have returned all documents that we have requested.
- You are happy with the solution that the Broker has discussed with you.
- You have reviewed and signed off on your Credit Proposal/s and Lender application/s.
- Documents have now been digitally submitted to the chosen lender.
- We will have notified you of this in an emailwith a link to this page.
- Time Frame: Depending on the lender we are currently seeing lenders come back to us within 1-3 business days with any additional questions or conditional approval.
- Your chosen lender has approved your application subject to some conditions being met.
- These can be as simple as updating your home insurance policy.
- We will have notified you of these conditions be assisting you in meeting these.
- A link to this page will also have been emailed to you to track your application.
- Once we have the documents needed to prove the conditions have been met, we will then send these to the lender on your behalf.
- Time Frame: This will depend on what conditions have been allocated to your application. Once the conditions have been met, we have been seeing formal approval within 1-2 business days. Pre-Approvals can take up to 30 days for some lenders.
- Your application is a pre-approval and will have this extra stage in your process.
- The chosen lender has approved your application in principle and will be subject to some conditions being met.
- We will have notified you of these conditions and will be assisting you in meeting these.
- A link to this page will also have been emailed to you to track your application.
- The most common condition will be an acceptable valuation of the property that you have found to purchase.
- If it has been over three months since the AIP was issued, we will need some updated documents which we will notify you of and assist you in updating your application.
- Once we have the documents needed to prove the conditions have been met and updated, we will send these to the lender on your behalf.
- Time Frame: This will depend on what conditions have been allocated to your application. A valuation depending on the type can be 1-5 business days. Once the conditions have been met, we have been seeing formal approval within 1-2 business days.
- It’s as simple as the name suggests, your application has been approved.
- We will have notified you of your approval by phone and an email.
- A link to this page will also have been emailed to you to track your application.
- The lender is happy with all the information that has been provided and are willing to give you the funds needed for your application.
- If there are any settlement conditions, we will notify you of these and assist you in this process.
- For refinances,the outgoing lender and your new lender will require a discharge document which your processor will notify and help you to obtain.
- Time Frame: Each lender will be different, and you will either receive your mortgage documents for signing electronically or in physical form (paper). Digital documents have currently been issued within 1- 3 business days. Where physical form documents can be up to 7 business days depending on your location.
- Your loan documents have now been sent to you digitally or physically (paper) for signing.
- We will have notified you of this in an emailwith a link to this page.
- An appointment with one of our brokers has been confirmed to help explain, review, sign and answer any questions you might have.
- Once signed, your documents will be submitted electronically back to the bank or, we will send your mortgage documents back to the lender on your behalf.
- Time Frame: We will be restricted by your work and personal commitments in making a booking. However, we aim to have you booked in within 1-3 business days depending on your schedule.
- Your mortgage documents have been returned to the lender and certified by the legal department as acceptable to proceed.
- We will have notified you of this in an emailwith a link to this page.
- For refinances,we will have already sent your discharge document through to both lenders for settlement.
- If additional funds are required for settlement (e.g. 20% deposit for a purchase) then these will be confirmed by us with your solicitor/conveyancer and yourself. Ensuring that these funds are accessible will allow settlement to proceed.
- Your application will be entered into the settlement system where both parties will agree to exchange the contracts on a given date.
- Time Frame: The variable on this will be the lawyers for both parties accepting a date. We have been seeing settlement being booked from as little as 3 to 7 business days from the notification of being informed that the incoming lender is ready to settle. For a Purchase, this will be based upon your Purchase Contract Conditions.
- Solicitors on both sides of your finance application have now agreed to a date and time for when settlement will occur.
- We will have notified you of this date in an email along with a link to this page.
- We will once again confirm with you if additional funds are required and that they are being held in the correct account. (Mainly for purchase applications.)
- Time Frame: If all additional funds are in the correct accounts (purchase applications) then settlement will occur on the date stated in your email.
- The final stage of your loan application has now been completed.
- You will have received a phone call from the broker and/or an email stating that this has now occurred.
- The email will have key information about your loan along with a link to this page.
- Your accounts will be showing on your online banking with your new logins over the next 24 hrs. as the lenders system updates.
- A follow up call/email will follow over the next 7-10 days to ensure everything is running smoothly.
- The follow up will also be a reminder to ensure any offset accounts are linked to the correct loan account.
- Your designated loan processor will be in contact one month after settlement to ensure that your loan is set up as you wanted, repayment has been debited from the correct account and answer any questions you may have.
- Ongoing reviews will now occur through our internal systems to regularly check if your lender is providing you with the most competitive interest rate provided.
- As a part of your review, comparison reports will also occur. These automatically run on a regular basis through our internal systems. Where we will be looking to see if other lenders are providing a more competitive product for your situation.
- Property Reports (where available) will also be provided with your review.
- You will also receive regular updates when the RBA (Reserve Bank of Australia) has made any changes the cash rate which will usually affect any variable loans.
- Quarterly throughout the year, you will receive our “Haven Newsletter” informing you of what is happening in the world of lending.
