As discussed in the initial Meeting, Your broker will have advised you on the supporting documents that are required to assess the loan and meet the lenders criteria.

Once an application is taken you will be sent a computer generated assessment and quote, this will need to be checked, signed and returned before submission. This includes all the details of the loan you are applying for with the bank and allows you to check, change or ask questions if there is something that you do not understand.

Once the supporting documents, as well as signed preliminary assessment & quote are received your loan application will be double checked and then submitted to the bank for assessment

Generally within 1-4 business days you should receive a conditional approval. This means that your loan has been approved subject to further information being provided, for example, a valuation. You will be informed of this and advised if there is any further information required from you.

Once all the requirements of conditional approval are met the lender will issue a formal or unconditional approval for your loan. Once the formal letter is received by our office we will then forward you a copy as well as any other parties that need to be notified.

Once we have received advice saying that the documents will be issued, you will be given a call or text to advise that documents are on the way and to keep an eye out for them. If you would like I can either go through the documents over the phone or arrange a time in person to meet.

The documents are to be signed and sent back to the bank. Upon receipt, the bank will usually take 3-4 business days to check the documents and ensure that everything is all in place for the settlement. If you are purchasing a property the bank and your broker will start to liaise with your solicitor regarding settlement, at this point if you are putting in further funds your solicitor should be in contact with you to let you know the account details for the transfer and exactly how much is needed for settlement.

It is almost celebration time now, settlement will have been booked in and settlement will be due to go through as advised by either your broker or the solicitor.

This is the time to get you internet banking set up, accounts set up and cards on their way out to you. Usually within 10 business days you will receive a welcome pack from the bank which will outline when your first repayment is due, your account numbers etc. Depending on the lender chosen I will arrange an appointment with your nearest branch to ensure that everything is in place.

Uprosper continues to keep in contact right throughout your mortgage journey to ensure the product we have arranged for you continues to suit your ever changing needs. We do this by performing yearly mortgage reviews and keeping you up to date with what’s happening in the finance industry.