Application Process

Home Loan Application Process (Application to Settlement)

Once you have agreed to take out a home or investment loan, there is a flow of activity that is generally consistent with every loan process. Depending on the complexity of your situation, the time from the initial meeting to a final approval will take anything from 1-3 weeks. More complex situations such as self employed or mortgage insured loans will typically take longer than a straight forward PAYG purchase or refinance application. Below is a step-by-step indicator of what you can expect.

Step 1 – Your first appointment with Buurman Finance Solutions will usually take approx 1 -1 1/2 hours. At this appointment we will discuss borrowing capacity, loan options and general information regarding rates and fees. We will also advise the likelihood of approval from the lender and advises the timeframe expected for your application.

Step 2 – You supply BFS with all required documentation and sign the application documents prepared by BFS.

Step 3 – Application is submitted by BFS to the selected lender. Lender conducts credit and employment checks and any other necessary enquiries.

Step 4 – Lender assesses all data and provides conditional approval or requests further information if any concerns are identified.

Step 5 – BFS will advise you directly of conditional approval (or decline) of your loan application. The conditional approval may be subject to supplying further information.

Step 6 – Lender will arrange for a valuation of the security property. You may be contacted by the valuer at this time to arrange access.

Step 7 – Valuer returns valuation to lender. Provided the valuation is acceptable the application will now progress to formal approval.

Step 8 – BFS will advise you, the real estate agent and settlement agent of unconditional approval.

Step 9 – Lender prepares loan contracts and mortgages and posts to you or BFS. (Dependant on lender).

Step 10 – BFS will meet with you to review and sign loan contacts. BFS will return these to the lender and liaise with the lender, settlement agent and you to ensure settlement timeframes are met.