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What happens once the loan is approved?

10 October 2017

So you've found your perfect home and you think your house hunting days may be coming to an end. You've even spoken to your bank and gotten pre-approval, letting you make an offer. Awesome! It's a pretty great feeling.

But what happens once your loan proceeds to final approval?

Contract issued

If your home loan has been formally approved (congratulations!), you'll receive a call from your Suncorp Bank Home Loan Specialist. A short  time later, the home loan contract will be issued. At this stage, it's a good idea for you to thoroughly check all the loan documentation, and ensure that the details—such as the dates and the loan amount—are what you expect.

Sign and return

You'll need to sign and date the documentation, then return it to Suncorp Bank (you'll be given a pre-addressed, postage paid envelope to make it as easy as possible). Or alternatively, you can also sign and scan a copy of your contract back to your Suncorp Bank lending manager or consultant. Once the documents are signed, returned and received by Suncorp Bank, Suncorp and your conveyancer or solicitor can then prepare for settlement.


It is usually a condition of your home loan that the building insurance is in place from the moment you legally take over the property. The time where it is required to take legal responsibility for a property may differ by state. If you do not have insurance during these periods, you could be liable, so check which periods are relevant for you state.

You should carefully consider your options, keeping in mind that coverage can vary between different products and providers. Think about contents insurance, too, and if your policy covers damage to your contents during moving homes. Nothing can ruin moving day faster than huge crack in your flat-screen TV.


Your conveyancer or solicitor will work with you to arrange for settlement with Suncorp Bank, which will involve providing us with cheque details like the name of the recipient. This needs to be done at least three days prior to settlement, to allow for processing time. On the day that we advance the loan funds, your loan account will be debited.

Once the settlement arrangements are made and completed, the real estate agent will make the keys to your new house available.

Moving in

Time to break open the champagne and enjoy your new house!

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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.

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