Home Loan Stages |
Process |
Expected time frames |
1 |
Complete an application |
Complete a home loan application and send it to us with supporting documentation. If you need assistance to complete the application call 13 12 21 and speak to a home loan specialist or make an appointment with your local mobile lender. |
Set aside approximately
one hour |
2 |
Submit application |
On receipt, your home loan application is loaded into our computer system. |
24 to 48 hours |
3 |
Pre-approval (also referred to as conditional approval) |
Your application and supporting documents are checked and you will be contacted with pre-approval or advised if more information is required to process your application. Your preapproval will remain valid for up to 90 days subject to your financial position remaining unchanged. |
48 to 72 hours |
4 |
Valuation |
On pre-approval a property valuation will be ordered. The valuer will either contact you directly or call the real estate agent to gain access to the property. They will submit a report to Teachers Mutual Bank. |
5 business days - depending on accessibility of the property |
5 |
Final approval (also referred to as unconditional approval) |
Based on the result of the valuation and other conditions of the loan being fulfilled, formal approval is granted for your loan. |
24 hours from above if no further information required |
6 |
Solicitor notified |
We will notify your solicitor of final approval and supply supporting documentation. |
24 to 48 hours |
7 |
Home loan contracts dispatched |
Loan contracts and mortgage documents are mailed to you or your solicitor. |
24 to 48 hours |
8 |
Member checks contract and documents |
Read through the contract and support documents carefully. Check with your solicitor to see if you need to see them to explain the documentation. Sign and return all documentation in the reply paid envelope provided. |
10 business days |
9 |
Final check |
Once your documentation has been returned, a final check will be done to ensure there are no errors and legal documents have been fully executed. |
20 business days. This date may vary depending on receipt of documents at Teachers Mutual Bank |
10 |
Loan funded and settlement booked |
Our agent will liaise with your solicitor to book in a settlement date. |
23 business days. Depending on the vendor, other lenders and solicitors |
11 |
Congratulations! |
Well done, you can now organise the removalists. |
We can cater for your first home loan, investment loan, equity loan, interest only loans or refinance. |