At Nectar we have a streamlined approach to getting you a home loan. The time it takes to complete each stage will vary from customer to customer and in some instances a step might get skipped, but below is the process most of our customers go through.
Our process for getting the right loan for you
Step 1: Initial call
When you contact us, we will put you in touch with a Nectar broker in your area. This broker will be your key contact throughout the journey. They will give you a quick call and arrange a time to come and see you.
Step 2: Understanding your needs and position
Everyone’s situation is different. To ensure your broker finds the right loan for you, during your meeting your broker will ask you a range of questions to better understand your financial position, what sort of loan you need and whether or not you’d like to apply for the First Home Owners Grant.
Step 3: Finding a loan that fits
By now your Nectar broker will have a pretty good idea on what you need. With this in mind he/she will review the different loan products available through our 30+ lenders, and present you with a shortlist of loan products to consider.
Step 4: Getting everything lined up
When you’ve agreed on which lender(s) you’d like to work with, your broker will complete an application form on your behalf, using the information you shared with them during your meeting. All you’ll need to do is sign it!
You’ll also be asked to supply some supporting documents to help verify your financial situation. Your broker will confirm exactly what’s needed, but if you’re after a guide check out our documents checklist.
When everything’s lined up your broker will send these off to the lender for pre-approval (along with your First Home Owners Grant application if you’re applying for a grant).
Step 5: Pre-approval from your lender
The lender will review your application and perform a credit check. If everything stacks up, pre-approval will be granted and the lender will arrange mortgage insurance and a property valuation. It’s usually two or three days before this valuation will arrive with the lender and is subject to property access.
Step 6: Outstanding conditions met (if required)
If the lender requires anything further to meet their conditions they will let us know.
Step 7: Unconditional approval
Once all conditions have been met by the lender they will provide your Nectar broker with written approval. You can expect a call from your broker straight away!
Now is the time to think about arranging insurance on the property, as you’ll need this for settlement.
Step 8: Loan documents issued
The lender will issue you with a full set of mortgage documents, which can take up to five days to arrive.
Step 9: Loan documents signed and returned
If you’re happy with the terms outlined in the documents they will need to be signed by all relevant parties and returned directly to the lender within 5 days of receiving them.
Step 10: Loan settled
Your solicitor/conveyancer will now prepare the necessary paperwork which can take up to five days. When complete they will get in touch with the lender to arrange settlement.
Once the paperwork is in place you can draw down the loan and the property ownership will be transferred to you.
(Followed by popping of corks and a huge sigh of relief!)