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Home Loan Application Process
The Home Loan Application Process Timeline
The Home Loan Application process defined...
Day
1 - The Interview
At Excel Home Loans we will sit down with all the borrowers
& discuss all loan & lender options available.
After discussions we will select the loan & lender
which best suits your needs. We will go through the
application & supporting documentation needed to
submit the Loan Application.
Day
3-7 - Loan Application Process
As soon as we receive your completed Application, with
all the Supporting Documentation required, we will revise
& submit to the Lender.
Day
4-8 - Conditional Approval
Conditional Approval generally takes 24 – 72
hrs. During this process the Lender will submit the
Application to the Mortgage Insurers to assess. Once
approved the lender will forward a Conditional Approval
Letter (pre approval) detailing the Loan amount and
any matters requiring attention before unconditional
approval can be obtained e.g valuation report.
Day
6-13 - Valuation Process
Once conditional approval is received, a valuation
on the property/properties will be ordered. The valuer
will contact the owner of the property to arrange an
inspection. The valuers report is generated 24-48 hrs
after the property has been inspected.
Day
11-20 - Unconditional (Full) Approval
Once valuation is received it is then forwarded to
the Lender (accompanying any other outlined matters
on pre approval). Upon receipt of this the Lender will
review and provide an Unconditional Approval letter
with in 24-48hrs.
At this stage Borrowers will be notified & the
Lenders Solicitors will be instructed to draft Mortgage
Documents.
Day
12-22 - Mortgage Documents
Mortgage Documents will be drafted with in 24-72hrs
& posted to the Borrowers, unless otherwise instructed.
The borrower/s must then review, sign & return completed
Loan Documents with in 14days.
Day
15-35 - Loan Settlements
Once documents returned & marked all completed,
Solicitors will book in settlement. Please note settlement
can take anywhere from 3-15 days depending on the type
of Loan e.g Purchase , Refinance etc.
Day
36 - Completed Process
On the day of settlement your Loan process will be
completed & you will receive access to your new
property or settlement funds. Congratulations. Within
7 days after settlement you will receive a confirmation
letter outlining all Loan details, repayment amounts
& contact information.
