Before you can get your loan settled, a home loan application will need to be completed. Fair Go Aussie Loans takes the pain out of this process by providing a step-by-step guide to make it easy for you to obtain the right loan quickly and without stress. The steps involved in the application process are as follows:

  1. Have a chat with our lending specialist

    We are here to help and suggest that you contact one of our Lending Experts so that they can fully understand your situation. This enables us to provide the best solution to your needs.

    This initial call is an initial fact-finding and information gathering discussion that should take between 15 – 30 minutes. During the call, your Fair Go Aussie Loans Expert will ask questions about your financial position, so it is best if you can have relevant documentation with you, such as:

    • Recent bank statements

    • Payslips or other proof of income

    • personal ID (such as Driver Licence, Birth Certificate or Passport)

    • a summary of your assets and liabilities

    Having this information available will make the process quicker. The more information we have from you, the more accurately we can assess your financial situation and make sure that you can afford the loan repayments.

  2. Loan application is assessed

    We are here to determine which loan is best for you. Once you have accepted our loan offer, the credit team will efficiently validate your documentation (if you provide all the information we request at the start of the process, your loan application will be pre-approved even quicker).

  3. Loan application is approved

    Upon the successful assessment of your loan application, you will obtain conditional pre-approval.

    Before you can receive final approval of your loan application, any approval conditions must be met.

    If you are still looking for a property, our Lending Expert will let you know if there is a particular date by which your conditional approval may expire.

    If you have found the property you want to purchase, our team will be required to organise a valuation on the property.

  4. Getting the property valued

    Before your loan can be finalised, we need to obtain a valuation of the property, carried out by one of our approved panel of valuers. Once we receive the valuation report, we can confirm if the property is adequate security for the loan.

  5. Unconditional approval is obtained

    Assuming the lending conditions have been met, including the valuation, we will normally provide you with a Final Approval letter within 48 hours – 72 hours.

  6. Loan documents can be signed

    Now you simply need to review your loan documentation and sign it. We will then confirm the settlement date with the lender. This means you can now proceed with settlement. We recommend that you get your solicitor to check the loan agreement and explain its contents to you.

  7. Settlement

    You can now submit your signed loan documentation to us for settlement. We will let you know if there are any outstanding legal requirements that need to be satisfied before proceeding to settlement.

    If you are buying a property, we will provide the settlement date to your solicitor.

    If you are refinancing your loan/s we will correspond with your current lender.

    We will send you a letter on settlement date, confirming the details of your loan. On settlement date, the funds will be released to you.