The home loan application process

Once you and your Mortgage Choice broker have chosen a home loan that’s right for you, it’s time to submit an application. The process varies between lenders, but we’ve provided a general order of events below.

The home loan application process

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Mortgage Choice broker tip

FHBhomeLoanappB1150px.jpgWhere the loan is pre-approved, as soon as you find the property you wish to buy, provide your Mortgage Choice broker with the property details along with the contract of sale plus any updated supporting documents (such as pay slips & bank accounts). So, the valuation and mortgage insurance process outlined above can begin.

What’s the next step?

Now comes the fun part – searching for your dream home! We offer a few tips on what to look for in a property.

Talk to us today for expert advice and support at every step.

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Home loan application
to approval process


When you’re house hunting, it’s sensible to have a home loan pre-approved for a specific amount. You’ll know the maximum amount you can afford and that may give you better negotiating power. You should also investigate your eligibility for any first home owner grants and concessions. Your Mortgage Choice broker can help with all of this.

Home loan application

If you need finance to buy your home, you’ll need to submit a loan application. Your mortgage broker will arrange this for you.

Application lodgement

Your mortgage broker lodges your application with your chosen lender.

Contract of sale

A copy of the contract of sale containing your property’s details (you will have gone over this with your conveyancer/solicitor/settlement agent) is also required upon lodgement. See our conveyancing guide for more details.

Lender approval process

The lender assesses your application, which generally takes up to 3-5 business days. The lender then provides their response to your Mortgage Choice broker. You may receive conditional approval, which means the application is approved in principle subject to further paperwork being received (usually a property valuation).

Property valuation

The lender typically orders the valuation, which is usually completed in around 3-5 business days, subject to availability of the property for inspection.

Mortgage insurance

Your lender may require mortgage insurance approval from its mortgage insurer. This generally takes place within 24-48 hours of receiving the property valuation.

Unconditional approval

Finally, your lender confirms with Mortgage Choice the unconditional loan approval (i.e. the green light to go ahead with the loan if you wish) and you receive your good news!