# | Step | Time Required From You | Broker & Lender Timeframes |
1 | Discovery About You Broker gathers basic information about your goals and situation to assess your borrowing position.
Broker presents a preview of options based on your answers 🧮 | 15 min | - |
2 | Verification Broker verifies your information and documents to prepare a formal recommendation. | 45 min | 1 day |
3 | Present Recommendations Broker compares lenders and prepares recommendations based on your needs and situation. | 30 min | 1 day |
4 | Application Submission Broker submits formal loan or refinance application to the lender selected by you. | - | 1 - 7 business days
depending on bank |
5 | Conditional Approval Lender assesses servicing, credit history and verifies employment. Requests valuation and any additional documents. | 15 min | 1 - 10 business days
depending on bank |
6 | Formal Approval Lender signs off on valuation and any outstanding conditions. Full approval letter issued. | - | 1 - 2 business days |
7 | Loan Documents Issued Loan contracts generated and sent for you to review and sign. | 30 min | 1 - 5 business days
|
8 | Settlement Booking New lender coordinates with outgoing lender via PEXA. Payout figure is requested and confirmed. Settlement is scheduled. | - | 5 - 10 business days
depending on ban |
9 | Settlement Completed Old loan is paid out. New loan is activated. You receives confirmation. | - | - |
The entire loan process can take between 2 - 6 weeks, depending on the lender.
Rest assured, your broker is there to support you every step of the way.