A Guide to the Home Loan Process
Understanding what to expect can really help.
To help you understand the simple steps to securing a home loan with Suncorp Bank, we've outlined some of the key milestones in the process.
Step 1: Information gathering and preparation
The key to a smooth approval process is preparation. So it's important to think about your individual circumstances, such as your finances and commitments, how much deposit you've saved, what loan features appeal to you, and your current and future lifestyle requirements.
For help with this, take a look at the First Home Buyers Guide:
- Knowing the costs
- Taking stock of your finances (interactive worksheet)
- Your Deposit options
Getting an idea of the right loan for you:
Step 2: Conversation with a Home Loan Specialist
This is your opportunity to sit down with a Suncorp Bank Home Loan Specialist to discuss your ability to make loan repayments, assess your future needs, and confirm the information and documentation you'll be required to provide. It's also a good time to talk about the different loan types that may be available to you.
Ready to have that conversation? This part's easy.
Step 3: Application
With the help of your Home Loan Specialist, once you have calculated your borrowing needs and capability, and then identified the home loan that suits you, it’s time to complete your application.
- Completing an application: what you'll need
- Pre-approving your home loan
Step 4: Approvals
Once we receive your application and documentation, we will verify some of the information and undertake a credit check. We'll then consider any conditions relating to the loan, and, if necessary, undertake a valuation on the property and conduct any title, or other necessary searches.
Your Home Loan Specialist will advise you if we need any additional information, and they'll call to let you know once your loan is formally approved. You'll also be informed at that time of any outstanding conditions that apply to your loan.
Step 5: Documentation
When your home loan contract is issued, it's important that you check through all of the documentation thoroughly. Once you've confirmed the information is accurate, you need to then sign, date and return the necessary documentation to us as soon as possible to avoid delays.
Step 6: Settlement
Once all our requirements are met, the loan funds will become available to you. Congratulations! The keys to your new property will be handed over following settlement and you can move in and enjoy your new property.
Home Loans are provided by Suncorp-Metway Ltd ABN 66 010 831 722 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Terms, conditions, fees and charges apply and are available upon request.