Discuss your loan requirements with your RateOne mortgage consultant. During this stage, we will select an appropriate loan facility, and gather your supporting documents required for loan submission. At this stage we may arrange bank valuations and contact your solicitor to introduce ourselves.
RateOne will prepare, package and submit your application and all supporting documents to the lender, after receiving all supporting documents. At this stage, we will call you and let you know we’ve submitted your loan!
Now that you have purchase a property, you will now meet with our loan protection adviser to discuss strategies to cover your risks and protect your most valuable assets that you have worked so hard towards.
Congratulations! Your home loan application has been unconditionally approved! RateOne will be contacting you and other relevant parties to notify of the good news. Formal approval usually occurs within 5-7 working days from submission. As always, we’ll keep you updated along the way.
Lender has sent out the loan contracts to formalize your acceptance of their unconditional approval. We will contact you to arrange a meeting for the documents to be signed and returned the lender. During this meeting, we will also arrange general insurance for your property. You will also determine how any extra funds required for settlement will be processed (bank’s direct debit or by bank cheque). You will need to prepare or transfer the required funds to the correct account for direct debit, or await instructions from your solicitor for cheque instructions. Don’t worry, we’ll let the bank know what you intend on doing so everyone stays on the same page.
Your solicitor or legal representative will be notified of any outstanding documents required by the lender. Once all documents have been provided and confirmation of funds available, the bank will issue a “ready to book settlement” to your legal representative.
Congratulations! On this day, you will take ownership of the property and your new home loan will start on this day. If your repayment frequency will also be based from this date, unless it’s interest only repayments, then it will be at the end of the calendar month.
We’ll stay in regular contact with you to ensure your loan continues to suit your needs. If you have any questions or requests to vary your loan, please ensure to contact your broker for the best service.