The Loan Application Process


To help you easily understand the loan application process, here is a timeline which illustrates the basic steps involved in purchasing or refinancing a property, and the approximate timeframes for each step. Please note, timeframes are subject to variation based upon the lender selected, the valuer commissioned and/or the complexity of the loan application.


1 Interview

During the interview(s), we will discuss and help you to select the most appropriate product and lender that best suits your your needs. Once selected, the loan application process begins.

2 Loan Application Process

Normally takes 24-48 hours.

Your loan application will be lodged with the lender within 24 hours of receipt of ALL required supporting documents.

This includes the First Home Owner Grant (FHOG) application where applicable. Please note on some occasions the lender cannot lodge the FHOG application on your behalf. Check with us for further details. Once lodged, we will receive confirmation receipt from the lender within 24 hours.

3 Conditional Approval

Normally takes 2-3 days

We will receive a conditional approval receipt from the lender on your behalf. This will detail any outstanding matters requiring your attention prior to unconditional (full) approval.

Upon conditional approval, property valuation(s) will be ordered by the lender (if required).

4 Valuation Reports

Normally takes 3 days.

Valuation report(s) will be received by the lender within 3 days of request (subject to property access).

5 Unconditional Approval

Normally takes 2 days.

We will receive unconditional (full) approval from the lender within 2 days from receipt of their satisfactory valuation(s). We will then contact you to confirm written unconditional (full) approval has been received from the lender. If you are refinancing, we ensure you contact your current lender and arrange for the discharge of your existing mortgage.

6 Mortgage Documents

Normally takes 5-10 days.

Under normal circumstances, the lender will send a copy of the mortgage documents to you (or the nominated party) within 5 days of unconditional (full) approval. After thoroughly checking the details, you will need to sign the mortgage documents and return them to the lender within 5 days.

On receipt of your mortgage documents your Need A Loan Now consultant will visit you to assist with the completion of your loan documents

7 Loan Settlement

Normally takes 2-10 days.

Purchasing a Property

Between 2-3 days after you have returned your mortgage documents your solicitor/conveyancer will contact the lender to book settlement.

Please note-solicitor/conveyancers need to allow 3-5 days prior to settlement to arrange the necessary paperwork.


Between 2-3 days after you have returned your mortgage decuments the lender will liaise directly with your existing lender (if different) to arrange your property refinance.

Please note your existing lender may require up to 10 working days to prepare a discharge of their existing mortgage and arrange settlement.

8 Congratulations

Settlement has been affected and your loan is in place!

Back : Document Checklist