• Redlands Mortgages Pty Ltd Home Loan Process

    At Redlands Mortgages we offer a free quote for your next home loan where we compare hundreds of different home loans against your requirements. We will walk you through the process to make it as simple and easy as possible for you, why wait call us now on 1800 REDLOANS (1800 733 562). 

    How Long will it take?

    No two home loans are the same therefore the time frames will vary depending on your individual circumstances. Each loan may vary slightly depending upon the lender selected, the valuer and/or the complexity of the loan application. We will be with you every step of the way through the finance process to answer any questions you may have.

    Step 1. – Interview

    This is done at a time and place convenient to you, either your home, workplace or our office. During the interview we will listen to you to help us fully understand your current situation and what it is you want and expect. Then a fact finding document is completed to gather all the information and your goals and objectives. Once we have all the information required we can then search for various options available to you. After researching many different lenders and loans we will get back to you with 3 preferred options which best suit your current circumstances. Once we have decided together the most appropriate lender and loan product and you are fully satisfied and agree it is the right option for you, then the loan application process begins and a home loan application form is completed for that particular lender.

    Step 2. – Home Loan Application Process: Takes 24-48 hours.

    Your Home loan application is returned to our office where it is  processed and lodged with the bank within 48 hours of receipt of all the required supporting documentation. Within 24 hours of us lodging the application with the bank of your choice we should receive notification the application has been received and assessment has begun. You will receive notification from Redlands Mortgages that the loan application has been processed and forwarded to the bank.

    Step 3. – Conditional Approval:  Takes 2-5 days.

    Once the application has been assessed by the lender and it satisfies their criteria a conditional approval is issued subject to certain conditions e.g. Valuation of the property and any outstanding matters requiring attention. Immediately a conditional approval is issued the bank will order the valuation of your property. The valuer will contact you to arrange a suitable time to assess your property.

    Step 4. – Unconditional (Formal) Approval:  Takes 3-5 days.

    Once the lender has received the valuation report and all other conditions are met the lender can then proceed to Unconditional Approval, which means your loan is approved, the real  estate and settlement agents are notified and the next step is for the lender to prepare the Mortgage Documents. You will receive notification confirming Unconditional Approval from Redlands Mortgages.

    Step 5. – Mortgage Documents:  Takes 7-10 days.

    Once the loan has been unconditionally approved the lender will instruct their solicitors to prepare your mortgage documents and forward them to you or a nominated party. You should receive these with in 7 to 10 days from formal approval. When these documents have been signed and returned to the lender a settlement date can be scheduled.

    Step 6. – Loan Settlement:  Takes 3 – 10 days.

    After the Mortgage Documents have been return and checked, the lenders solicitors will book a settlement date where all the parties involved come together to effect settlement, this part of the process may vary if the loan is for a property purchase or a refinance.

    Step 7. – Congratulations

    As soon as the loan settles Redlands Mortgages will be notified in which case you will immediately be contacted to inform you the loan has settled. Redlands Mortgages will then notify you that the loans has settled also all your original documents will be returned. Redlands Mortgages will continue to work with you after settlement has occurred and we are available at any time to assist in your ongoing financial requirements.
    Our goal at Redlands Mortgages is to be readily contactable at any time to answer your questions that you may have throughout the whole home process.

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