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How long does it take to get a home loan?

Each borrower, loan and lender is unique, so there’s no set time on the loan process. But if you’re in a hurry, we can usually arrange something that will work for you.

What are the steps in the application process?

Once your application has been lodged, your mortgage broker will be there to field any queries from the lender and answer any concerns you might have—making the whole application to settlement process as smooth and painless as possible. Here’s a breakdown of what to expect:

  1. Conditional approval – Your selected bank or lender will review, then approve or decline the application. You’ll get a call from your Mortgage Broker letting you know the answer. This step sometimes involves an assessment of the property by an independent valuer.
  2. Formal approval – You’ll get a letter from the lender confirming the loan approval.
  3. Contract preparation – The lender’s legal people will work with your legal representative to prepare the loan contract.
  4. Signing the Contract – Your legal representative should explain the details of the contract with you before you put pen to paper. Once the contract is signed your legal rep should forward it to the lender.
  5. Settlement – When everyone is happy with the documents, the money is transferred according to your instructions. Settlement is when the transfer is complete.

What happens after settlement?

Your lender will send you a letter confirming your loan details, repayment amount and repayment dates. From this point, your lender will manage your day–to–day loan questions.

Your Mortgage Broker will give you a call—just to make sure you are comfortable with everything. And of course, Aussie will be around to help you with any future loans or changes to your existing loan.

Ask an expert.

Request a free appointment - No charge, no obligation and at a time and place that suits you. You can also call us on 1300 44 55 66.

Carolyn's Story

"Nothing was too hard, even when I changed my mind a week out from settlement about which loan I wanted. They did everything to make sure I got what I wanted and still made it to settlement on time – not to mention the timely care, attention and follow up at every step of the way that Catherine my Aussie Mortgage Broker provided."

Loan Amount:$530,000Read Carolyn's story

¹Aussie awarded Mortgage Broker of the Year in 2008, 2009, 2010, 2011, 2012, 2013 & 2014 by AB+F Magazine.

## Rates valid as of 08/10/13 and are subject to change or we may introduce new ones in the future. Approved customers only. All applications are subject to lending and approval criteria. Terms, conditions, fees and charges apply. Interest rate offered will depend on our assessment criteria.

** The comparison rate is based on an unsecured personal loan of $30,000 over 5 yrs. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Any information is general and not based on any consideration of your objectives, financial situation or needs.

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Appointments at a time and place that suits you.

*E.g. Aussie Select Basic Variable Rate has an interest rate of 4.64% p.a. with a comparison rate of 4.65% p.a., which is available with a loan to valuation ratio of less than or equal to 80% and borrowings from $1,000,000. Based on a loan size of $300,000, the interest rate is 4.84% p.a. with a comparison rate of 4.85% p.a., which is available with a loan to valuation ratio of less than or equal to 80% and borrowings less than $500,000. Applications are subject to approval. Conditions, fees and charges apply. Rates are correct as at 03/09/14 but subject to change. Please check the applicable rates are still correct with your Aussie Mortgage Broker. Comparison rates above are based on a home loan of $150,000 for 25 years. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. If you have any questions call 1300 44 55 66 and talk to an expert Aussie Mortgage Broker. For Aussie Select Products credit services are provided by AHL Investments Pty Ltd ACN 105 265 861, (Aussie) Australian Credit Licence 246786 and its appointed credit representatives. Credit is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133.