These days, owning your own home is no easy feat. You need to save for a deposit, get the right loan and find the perfect home. By following the simple steps below, Crown will help you move from being a ‘home dreamer’ to ‘home owner’ and enjoy the rewards of owning your own home.
Step 1: Application Lodgement & Initial Assessment
Approximately 1 – 2 working days
Once you have given us all of the supporting information we need (such as payslips and loan statements) your loan consultant will be able to prepare your application and submit it for assessment. Once the application has been received by our Credit Team, a Senior Credit Manager will check through your information and confirm that it is ok to proceed to the next step.
Step 2: Valuation Reports
Approximately 3 – 5 working days
Your valuation will be ordered through one of the lender’s panel valuers. The valuer will then contact you within 24 hours to arrange a time to inspect your property (the inspection will take about 15 minutes). Once the property has been inspected they will prepare the property valuation report and send it through to us, at which point we will also send you a copy.
Step 3: Formal Approval
Approximately 4 -5 working days
Once the valuation report has been received (as long as there are no other outstanding documents), the Senior Credit Manager will package your application and send it to the lender for approval. Once the formal approval has been received we will notify you, and your file will be handed over to the Settlements Team. Keep an eye out for your Formal Approval letter in the mail, in particular the “Settlement Checklist” which outlines anything that you still need to do or provide before settlement can go through.
Step 4: Mortgage Documents
Approximately 5-10 working days
Your loan documents will be prepared within 3 days from formal approval, at which point your loan consultant will contact you to arrange a time to sign them with you. Once they are signed and returned, along with any outstanding documents, the solicitors will begin to arrange settlement.
Step 5: Settlement Booked
Approximately 2-3 working days
If you are purchasing – our solicitor will liaise with your conveyancer to confirm the time and date of settlement. If you are refinancing – our solicitor will liaise with your existing lender to confirm the time and date of settlement.
Step 6: Congratulations
Congratulations! Your new loan is settled and you’re now on the path to financial freedom.
You’ll be receiving a phone call from our awesome Customer Service Team over the next 24 hours to go through the setup of your new loan.
Want to know more?
Chat to one of our Money Coaches today for a no obligation strategy session for your personal finances – what have you got to lose? Call 1800 882 981 or click the button below to email us.