There are seven steps involved in a myloanonline.com.au home loan. These are detailed below:
1. Application
To apply for your new myloanonline.com.au home loan, click on the apply now button on our home page. Alternatively, click here.
You will need to create a new profile and will be emailed your security login details once you have done so. The information we ask for at this stage is used for security purposes and will help us to assess your application.
Once you receive your security login codes, please log back into the website to start building your profile and application. The information you provide to us will enable us to assess your application, so ensure you fill everything out. We have designed our website to enable you to pause your application and come back to it at the most convenient time if you need to. Please keep your login details in a secure location and do not disclose them to anyone.
Once the application is complete, your information will be sent to us via our secure server for assessment.
2. Conditional Approval
The information provided to us during the application stage enables us to complete a conditional approval. This will be sent you via email and will outline all the details of the assessment, an itemised list of further information we require and details of your application. The information we require will need to be returned to us via fax or email.
3. Valuation
We will at this stage notify you that a valuer will need to value the security property. We will be confirming your contact details at this point and seeking your permission to have a valuer complete an assessment. A copy of the valuation report will be provided to you for your records.
4. Formal Approval
Once we have received the valuation report we will arrange for formal approval to be obtained. Once this is completed, a formal approval advice will be sent to you for your acceptance. This will outline all of the costs, the interest rate and your obligations under your new loan.
Upon acceptance, our solicitors will be instructed to prepare all necessary security documentation for your new myloanonline.com.au home loan.
5. Legal Documentation Issued
Legal documentation is prepared by our solicitors and will be sent to you via express post. We recommend at this stage that you do seek independent legal advice, however you can elect to waive this right. Documentation will need to be witnessed by an independent third party (i.e. Husband cannot witness Wife, etc.). The documentation will outline all of your obligations under the new facility.
6. Documentation Returned
Once you have signed your documentation you can return it to us via express post (packet will be included with your documents when they are sent out). We ask at this time that you also have a copy of your insurance policy over the property handy as a copy will need to be returned to us at this time.
7. Settlement
Following the return of documents, we will prepare for settlement. We will either book in a settlement date with your conveyancer/solicitor (in the case of a purchase), or with your previous financial institution (in the case of a refinance). Following settlement, any additional funds being made available to you will be in your account within 72 hours with your internet banking details to be mailed to you within seven days.
Congratulations, you can now enjoy the cost savings and convenience of one of our myloanonline.com.au home loans.
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