Approvals Process & Timing
Timing
Q. How long does it take until my loan is approved?
A. Normally only a few days, dependant on the time taken by one of our independent Valuers to gain access & inspect the property.
Application & Approval Process
Q. How do I go about making an Application for a loan from First Australian?
A. Simply contact us, so that we can make an appointment [initially by phone] with one of our experienced staff, or consultant representative near you.
Q. What information & documents are required to be included in an Application?
A. This is quite a simple process. You will need to:
- complete a brief Application Form;
- sign the Privacy Act Declaration & Permission forms;
- provide copies of your ID;
- provide confirmation of your income; and
- if purchasing - copies of contracts etc.; or
- if refinancing - copies of last 6 months statements of loans to be discharged.
The discussion with one of our Team, will assist you in putting the Application together, with the precise "bits & pieces".
Q. What happens after I finalised and lodged my Application with First Australian?
A. Once we receive your Application [either directly from you, or via an Accreditated Broker] it is:
- processed by our Credit Team;
- any questions of clarification, or queries are raised with you;
- we complete relevant checks and audit of the Application;
- its assessed and approved "in principle" by our Credit Manager;
- valuation of the security property is obtained;
- counter approval by a Mortgage Insurance company is obtained;
- the Application is formally approved;
- we brief our solicitors to prepare Mortgage Documentation; and
- settlement is arranged.
