Application Process

1. Submit an Enquiry

When you submit an enquiry at a Compare Home Loans representative will call you to discuss your financial objectives and direct you to a 1300HomeLoan broker who manage your case with you directly.

2. Appointment and Loan Application

At your appointment with your 1300HomeLoan Broker, your financial situation and loan needs will be discussed in order to for them to find the most appropriate home loan applicable to you.

In order to fully assess your situation, your broker will need you to have supplied all the necessary supporting documents such as three forms of identification, two payslips and bank statements etc. Once these documents have been collected and the necessary disclosure documents completed, a home loan application form will need to be prepared and the process of applying for a home loan will then begin with the lender you have chosen for the loan that best suits your needs.

3. Conditional Approval

Once the application has been lodged, the lender will either reject or approve your loan. If you receive approval, this will only be a conditional approval and an order for a valuation report may be required.

4. Unconditional Approval (Formal Approval)

Once the requirements of the conditional approval have been met, it usually takes 2 days for the lender to contact you to confirm unconditional approval.

5. Loan Documents

Under normal circumstances, it will usually take 5 days until the lender sends a copy of the mortgage documents to either yourself or your conveyancer. Once you receive these documents you will need to sign them and return them to your lender within 5 days. You should also ask and review and disclosure documents.

6. Settlement

Once your loan documents have been delivered, your conveyancer will contact the lender to book in settlement. At settlement, you officially be granted the amount of the loan.