Our Service Commitment
We are committed to the provision of first-class service that meets your needs and exceeds your expectations, every time. Every Loan Market mortgage broker aims to make your home finance experience a good one, and supports Loan Market’s service commitment to you. Depending upon how complex your personal finance situation is, the loan approval process, from the initial meeting to a final approval, will take anything from a few days to a couple of weeks. Larger loans and more complex situations can take longer. Simpler scenarios can be much faster.
Below is a step by step indicator of what you can expect:
Step 1: Interview
During the interview process your mortgage broker will discuss various home loan options. Once you have selected a suitable home loan product, the loan process will commence.
Step 2: Loan Application Process
Your mortgage broker will ensure you have all the necessary documentation for your home loan application, and will lodge it with your selected lender.
Documentation may include:
- Passport/Visa/Citizenship Certificate
- Drivers License
- Marriage Certificate
- Birth Certificate
- Your two most recent payslips
- Copy of employment contract and/or a letter from your employer
- Most recent IRB Tax Statement
- If self-employed, the last two year’s full tax returns
- WINZ Statements
- Proof of existing rental income
- Proof of proposed rental income
- Most recent statement for all savings accounts
- Copy of share certificates etc.
- Copy of sale contact on existing home or settlement letter from your solicitor if the deposit it to come from the sale of an existing home
- Statutory declaration if any part of the deposit is a gift, stating it is non-repayable
- Rates notice on any existing properties
- A registered valuation addressed to the bank of no more than six months old
- Most recent statement for all credit cards, personal loans, leases etc
- Copy of loan statements for 6 months on any existing mortgages
- Copy of contract of sale for property being purchased
- Home Insurance certificate for all properties owned
- Copy of plans, specifications and fixed price contract for any construction
- Cheque for establishment fees if required
Step 3: Assessment
The lender will assess your application to determine whether you meet their serviceability requirements. This process includes confirmation of your income and employment and a credit reference check. Your supporting documentation is also assessed at this time.
Step 4: Conditional Approval
Your mortgage broker will receive conditional approval on your behalf. The lender will also outline any matters that need to be addressed before they can issue an unconditional approval.
Step 5: Security Assessment (Valuation Reports)
During the security assessment the lender may require a valuation on the property being purchased. Your mortgage broker may be able to order a valuation on your behalf.
Step 6: Lenders Mortgage Insurance
If required, your lender will now submit your application for Lender’s Mortgage Insurance assessment.
Step 7: Unconditional (Full) Approval
Once your home loan is unconditionally approved, a formal Letter of Offer will be issued by the lender.
Step 8: Loan Settlement
Loan documentation is issued. Your solicitor/conveyancer will then liaise with the lender to schedule a settlement date. The first repayment on your loan will usually be required one month after the settlement date
Step 9: Insurance
There are two types of insurance you should consider:
- Home and contents insurance
- Life/income protection
You may need to start your insurance cover prior to settlement.