Without getting a pre-approval, you can easily miss out on securing your dream home.

I’m sure you’ve heard stories of heartbreak at auctions, where the buyer puts down a deposit after winning but later wastes precious time applying for a mortgage that may be declined.

So, how do you get a pre-approval? We’ve outlined the key stages in the loan application process below:

Appointment with The Loan Lounge consultant

  • Meet with a consultant – either in person, via email or over the phone.
  • An Understanding of your situation will be obtained and the recommended solution will be offered.
  • Please have originals and copies of your documentation (payslips, financial statements and tax returns) and identification (usually a driver’s licence and passport).

Finalise all documentation

  • Your documentation will be submitted to a lender.
  • The Loan Lounge will advise of any remaining documentation required to support your application.
  • Loan is conditionally approved.
  • The Loan Lounge will inform you of the lender’s decision and what conditions are attached to the loan (usually a valuation of your property).
  • For a purchase, this is also a good time to organise a building and pest inspection.

Full unconditional approval

  • The Loan Lounge will inform you of the full approval and what your next steps are.
  • You will exchange contracts for the property (if purchasing).

Sign the loan documents

  • The Loan Lounge will contact you to organise signatures of the loan documents.
  • Please ensure you organise your building insurance.

Ready for settlement

  • Your solicitor will organise a settlement date (if purchasing).
  • For other purposes, The Loan Lounge will confirm with you that settlement has been booked in.

Loan settles

  • Congratulations! Your property has settled. The Loan Lounge will be in touch to make sure everything has been completed correctly and give you essential information about your loan.

Ongoing relationship management

  • The Loan Lounge will stay in touch at key stages throughout the life of the loan to see how you are tracking.

If you would like to arrange a pre-approval, simply fill out our online form or contact The Loan Lounge on 02 9037 2825 today.

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