The usual process from this point in time up to the settlement of this loan is:
Some lending institutions prepare their own documentation whereas others outsource this work to
solicitors who specialise in this field. For that reason, it is difficult to accurately predict delivery to you of
loan documents. Generally however, you should receive your loan documents within 7 business days.
Documentation provided to you by the lender usually includes the letter of offer; transfer document;
terms and conditions of the loan and any other documents that are pertinent to the lenders own
guidelines. If a purchase is involved then it is highly recommended that you go through the
paperwork with your conveyancer and for the conveyancer to liaise with the lender to schedule a
settlement date. If it is for a refinance or a ‘top up’ it is recommended you sit down and go through
these documents with your Mortgage Professional who can review the documents with you and to
answer any questions that you may have. It is important to execute and return documents to the
lending institution or their solicitor promptly.
Now that you have received notification of the Unconditional approval of your loan you should start the
process of obtaining suitable insurance on the security property if you have not already done so. The
lender requires that you have a minimum of the value of the property as cover on your property and
that your insurer is noted as being the interested party. A copy of the Certificate of Currency should be
returned to the lender when you return your signed loan documents to them.
Once the bank has received your signed loan documents they will review them to ensure everything
has been completed correctly . Once this has been done it is simply waiting for settlement to occur on
the predetermined date
At that point you can rely on the lending institution and your solicitor to attend to this process. The
lending institution should make the loan funds available to your solicitor on the day of settlement,
together with the First Home Owners’ Grant, if applicable.
Please ensure that you have provided your solicitor with the balance of any funds that you have offered
as equity for the purchase at least three working days before the settlement date.
What are the next steps?
After Conditional Approval:
When you receive “Conditional Approval” on your loan application this means your loan has been
approved subject a number of conditions being met which will usually include at the minimum:
A satisfactory valuation of the security being provided. The process is that the Lender will now
order the valuation and this could take up to 3 - 4 days for the valuer to complete.
Once all conditions are met the Lender will then usually issue Unconditional Approval. Please note that
you should NOT exchange (or pay a deposit) on the contracts for the property, until you have received
After Unconditional Approval:
Credit Representative Number
The information above is General Information only.
Your Lending Manager and Solicitor should notify you as soon as settlement has occurred.