Buying a home
What is the loan approval process and how long does it take?
10 October 2017
Now let's talk about what we need to do.
The first thing I ask is when is the finance date. That's the date finance needs to be confirmed by, and it's the deadline we need to work to. Sometimes we have only a week.
The second thing is - when's the settlement date.
We'll need to see documentation like a pre-approval if you have one, if not: photo ID, proof of income, the contract of sale, credit card statements, savings accounts. Your mobile lender will let you know if there are other specific requirements before your meeting.
What happens next - we verify the information you've supplied, do a credit assessment and get a property valuation.
Then if your loan application is approved we send final approval to you, and soon after that the home loan contract will be ready to sign.
Next, we'll run through the home loan contract with you in person - we want to help make sure everything is clear. Particularly with first home buyers, we like to go through it together line by line.
To apply for home loan approval book an appointment with a Suncorp Bank Mobile Lender online.
If you’ve applied for a home loan, waiting for approval can be an anxiety-inducing process. We try to make it as smooth as possible, but there’s no denying that buying a house is a big deal, so it’s not surprising that the emotions involved can tend towards the extreme end.
However, knowing how the process works and what to expect can make things a little less stressful.
Ensure your application is complete
To make the approval process as quick and easy as possible, you should make sure that your application is complete. This involves checking that all your personal information is correct, that your income and expense details are accurate, and that any requested documents are supplied. If you’re not sure that everything is in order, please chat to your Suncorp Bank Home Loan Specialist or mortgage broker. Better to double-check everything now than run into a hurdle later.
Verification and credit check
Once your completed application is submitted, all the information you’ve provided will be verified to ensure that it meets Suncorp Bank requirements. If you’ve been as accurate as you can, this stage should be pretty painless. Suncorp Bank will also conduct a credit check.
After these checks, Suncorp Bank will confirm any applicable conditions on the loan, such as a requirement that the property be insured. At this stage, a property valuation may be conducted, and a search on the title to ensure that there are no special circumstances that could impact the purchase.
If any further information or documentation is required, your Suncorp Bank Home Loan Specialist will let you know.
Once these conditions have been met, you’ll receive notice of your approval outcome from your Suncorp Bank Home Loan Specialist.
There’s no fixed period within which an outcome is guaranteed, but the whole process generally takes a few business days.
If your loan is formally approved, Suncorp Bank will send you your home loan contract. This should be thoroughly checked, with a second (or third!) set of eyes on it if you need them, before being signed and returned as soon as possible.
When the contract is received and all the requirements are met, the loan application will proceed to settlement.
The information is intended to be of a general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.
Any advice contained in this document has been prepared without taking into account your particular objectives, financial situation or needs. For that reason, before acting on the advice, you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs. Where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should consider the Product Disclosure Statement before making any decision regarding the product. Contact us for a copy.