Step 1: Start your application
If you are borrowing from loans.com.au, you should start by filling out an online application. This only takes a few minutes to complete. After that, a loan specialist will contact you to discuss the information you provided and lodge your application.
Step 2: Speak with a lending specialist
Talking to a lending specialist will help you choose the most appropriate loan product for your needs. This will be based on your income, expenses, assets, and liabilities, and your financial goals. A lending specialist will then give you access to our onTrack application portal to proceed with your loan application.
Step 3: Log in and upload your documents
With your onTrack log in, you will then need to upload supporting documents to your application checklist. Your documents will help confirm and verify the information you provided.
Step 4: Order a property valuation
A property valuation is an estimate of the value of the property. There is a fee associated with ordering a valuation.
Step 5: Loan approval
You can visit your onTrack application at any time to see your application status. Your loan application is likely to be approved if your documents are in order and the valuation falls within the expected price range.
Step 6: Delivery of your loan documentation
When your loan receives final approval, you will be notified through onTrack that your mortgage documents and loan agreement pack will be delivered to you. You will then need to complete the loan documents and send them back to your lending specialist.
Step 7: Settlement
You must arrange the necessary deposit to complete settlement of the property purchase. Your conveyancer will then arrange a meeting to book settlement.
Step 8: Accessing your account online
After the payment has been made, you’ll receive your login credentials for Online Services to manage your loan online. A Customer Care team member will call you to help set up your Online Service profile. You can also order a visa debit card if you want to link your offset account to it.
It will make it easier to get your loan application approved if you have a good credit rating. This is essential to your application because lenders will examine your credit file to assess your credit behaviour. If you have any defaults, or a poor score you can still improve this by paying off debt and keeping up with your repayments.
It will also help if you can show that your life if stable, especially your employment. Apart from that, your lender will also want to see your recent bank account statements for the last three to six months. If you’re self-employed, make sure that you have the necessary financial documents available, including your income tax returns for the last two years.
Saving up for a deposit will also help increase your chances of getting approved. This shows to your lender your ability to save money and that you’re financially disciplined.
You also need to be realistic about the property you want to purchase. Make sure that you have enough money to pay for costs including stamp duty, insurance, utility bills and more.