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Kingsbridge and Eagle will :
- Collate and complete your loan application
- Send the application form to you for your verification and signatures
- Submit the deal to the bank/lender of your choice for an approval.
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Once we have received notification from the bank/lender that your loan application has been approved (turnaround time periods for the approval differs from lender to lender) we will send you a conditional approval letter. This approval is usually conditional upon, but not limited to, the following:
- CRAA – this is a credit check
- Valuation of the security property
If you had applied for a pre approval/approval in principle, this is usually valid for a period of between 3 and 6 months. Should you locate a property within this time, we look forward to hearing from you again at that stage.
If you have already purchased/exchanged on a property, we would need to get a copy of the signed front page of the contract of sale in order that the bank/lender can arrange for a valuation to be held.
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Once the valuation has been returned, and all conditions as set out in the conditional approval letter have been met , the bank/lender will notify us that unconditional approval has been obtained. We will in turn notify you of this via an unconditional approval letter. When this stage has been reached, the bank/lender and their solicitors will prepare letters of offer and morgage documents.
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If:
- you are a permanent resident of Australia; and
- you are purchasing a property for owner occupied purposes; and
- it is the first property purchased in Australia either by yourself and/or your spouse/de facto;
then you may be entitled to the Government’s First Home Owner’s Grant.
Some banks/lenders will process this application form on your behalf. In such instances, we can provide you with an application form for the grant, which would need to be completed and returned together with all requested supporting documentation as set out in the application form itself.
We would submit the form to the bank/lender for process. They would require receiving the fully completed and signed application form approximately 2 weeks prior to settlement in order to ensure that the funds are available at settlement. Alternatively, you can make application directly to the Office of State Revenue who will process the application and pay the funds into your nominated bank account after settlement has taken place.
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The bank/lender will send to you the letters of offer that outline the features of the loan products selected. It is here that you will be asked to select the following:
- Frequency of loan repayments (monthly or fortnightly)
- Nominate a bank account for direct debit of repayments
You will need to sign the documents and return to the bank/lender.
IT IS ADVISEABLE TO TAKE THESE DOCUMENTS TO YOUR SOLICITOR FOR PERSUSAL.
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The bank/lender will instruct their solicitors to draw up the Mortgage documents. These documents will usually be sent to your solicitor and will have to be signed by all borrowers on the loan with your solicitor, and then returned to the bank’s solicitors.
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Settlement can take place once:
- Letters of offer are signed and returned to the bank/lender
- Mortgage documents are signed with your solicitor
- Morgage documents are returned to the bank's/lender’s solicitor
The settlement date is usually 42 days after the date of exchange of contracts, unless a different date is negotiated between the vendor and purchaser.
At settlement, the cheques are handed over to the relevant parties. Your solicitor should provide you with a settlement statement prior to settlement date detailing the cheque amounts and payee of each one.
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