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.

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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: $530,000

Read Carolyn's story

Common Mortgage Broking questions