Application Process

The Process In Detail

The loan application process can sometimes be long and complicated.

iShare is dedicated to making this a more enjoyable, seamless experience.

Pre-Application Process

Once we receive an enquiry from you via phone or our online contact form we’ll contact you.

Initial Conversation

This is the first contact you’ll have with your mortgage broker.

We use this stage to discuss your situation, your needs, and objectives behind getting a home loan.

At the end of this discussion, we’ll add you to our system and send you a link to our “Hello Pack” to complete your details. This is an online “fact finder” and we use this information as a basis for our advice.

It’s also your opportunity to agree to use us as your broker.

Preliminary Assessment

Once you have completed your details in the online Fact Find, we can commence work on your file. We’ll also require supporting documents such as your ID, payslips and bank statements.

By giving us all your supporting documents in one go, it allows us to provide for you, a quick, accurate assessment and identify any possible issues from a lending point of view.

Most importantly, it enables us to calculate your borrowing capacity.

Our brokers will then research which lenders suit your particular requirements. We then present you with three or four loan options to consider. All you need to do is to pick which one you prefer.

Submit to a lender

Once you’ve chosen your loan, we will then prepare your application and send it to you to check and sign.

At this point we’ll ask you to provide any final documents to support your application.

As part of the submission process, we highlight the strengths of your application and present it in a way that it suits your chosen lender.

Once we have everything that we need, we simply click “submit” on the lender’s system and upload your supporting documents directly into their application platform.

Loan Application

Conditional Approval/ Pre-Approval

Pre-Approval, also known as indicative or Approval in-principle, is not full approval.

Once the lender has received your application and supporting documents, they assess your application to confirm that you meet their policy. The lenders issue an approval subject to particular conditions e.g. the security property being offered must be acceptable to the lender.

If you haven’t found a property yet, no problem, we can get your loan pre-approved by a lender so you can go shopping!

There are 2 types of Pre-approval. Some lenders offer a Fully Assessed Preapproval while others offer a more general Preapproval.

Fully Assessed Preapproval – means that the lender has conducted their credit and employment checks and as long as the property you provide as security is acceptable, they are likely to approve the loan.
Preapproval (general) – is based on the information we have provided in the submission only. The lender has not completed their credit and employment checks at this point so you should be aware when you are shopping for your new home…..we do not recommend you attend auction with this type of Preapproval.

A pre-approval is valid for 90 days with most lenders and can be extended if required by providing up to date pay slips and other documents.

Valuation

Once you have chosen your desired property, a valuer will make an appointment to inspect the property. The bank doesn’t employ valuers, they are separate companies. As a result, the timeline can vary. In some cases, tenants can delay the valuer from gaining access to the property. For very low risk applications, a valuer may not be required.

We can order upfront valuations with many of our lenders, which enables the bank to skip the first two steps and go straight to formal approval.

Unconditional Approval, also known as formal approval, is when the lender has everything they need and can confirm that they are willing to lend you the money.

They will issue a letter confirming their approval. At this stage, you can relax. Sometimes, there’s some going back and forth asking for additional documents before the bank can finalise approval. This is normal for complex applications or where you haven’t provided everything that the lender needs up front. If you’re borrowing over 80% LVR then you may need lenders mortgage insurance approval as well. In some cases, this will mean that your application will take longer before a final approval. You should get formal approval before the end of the cooling off period.

Formal Approval
Once the loan has been formally approved, the lender will send you a loan contract for you to sign to accept their loan. You can go through this contract with your solicitor if you’d like to receive independent legal advice. This is optional for most loans. Once you’ve signed the contract, return it to the lender with any requirements that they need to settle the loan.

Settlement

Once the lender has certified that all of your documents are in order, they can then advance the loan funds. For a purchase, they will call your solicitor or conveyancer and let them know that the funds are available. Your conveyancer will book in a settlement time and date with the lender. For a refinance loan, your new lender will arrange with your current lender to repay their loan and take possession of your certificate of title. They will book in a time to meet and sort this out automatically. Settlement has occurred when the loan is advanced.

We’ll notify you as soon as the lender informs us.

After loan is set up
Did you know that we have a customer care team dedicated to looking after you even after your home loan has been settled?

Annual Review
We’ll call our customers annually on the anniversary of their settlement to check that they haven’t had any problems and review their home loan.

How long does a loan application take?
The time that a loan application can take will vary significantly as some borrowers will have more complex applications than others. Lenders who offer a lower interest rate are often slower as they receive more applications.

We’ll warn you if any of the lenders we’re recommending are known to have poor service levels. When the lender receives the loan, it can take anywhere from four hours to two weeks for them to complete conditional approval.

The valuation can take from two days to one week. We do have the opportunity with some lenders to order upfront valuations.

Once the valuation report is received and accepted by the lender formal approval can take from one day to two days.

As a general rule, if you’re buying a property allow a two-week cooling off period or finance clause to give us ample time to obtain an approval.

What documents will I need?

Throughout the application process, you’ll be notified of a list of documents that you’ll be required to supply.
These documents will include the following:

Payslips: These must be recent and when multiple payslips are required, they must be consecutive. They should clearly show employer name & ABN, your name and salary including YTD.
Account statements: These must show account numbers, balance, limit and transactions for the period specified.
Liabilities and Expenses documentation: Includes statements for car loans, other mortgages or credit cards.
Asset documents: These documents will include banks statements, rates notices, and rental statements
Contract of Sale: Send through the first page of the contract of sale initially including the signature pages. The full contract of sale will be required by formal approval stage.
Certified Identity Documents: This must show the certifier’s details, document number and date of issue.
If your name has changed due to marriage or divorce, please provide a marriage certificate or change of name certificate as verification.

Who’s involved in the application process?
There are many parties involved in the application process, including:

Valuers.
Building and pest inspectors.
Solicitors or conveyancers.
Vendors.
Real estate agents.
Tenants
LMI providers and insurers.
Yourself.
Your mortgage broker.

The first step

To begin the application process and get your home loan approved, give us a call on 0422126430 or enquire online. One of our mortgage brokers will give you a call and get the loan application process started.