Home Loans

What happens once the loan is approved?

3 min read

Home Loans

What happens once the loan is approved?

3 min read

You've found your perfect home and your offer has been accepted. Awesome! It's a pretty great feeling.

But what happens once your loan proceeds to final approval?

Contract issued

If your home loan has been formally approved (congratulations!), you'll receive a call from your Suncorp Bank Home Loan Specialist. A short time later, the home loan contract will be issued. At this stage, you will need to thoroughly check all the loan documentation and ensure that the details—such as the dates and the loan amount—are what you expect

Sign and return

You'll need to sign and date the loan documentation manually or digitally (if available), then return it to Suncorp Bank.  Once the documents are signed, returned and received, both we  and your conveyancer or solicitor can proceed with the preparation for then prepare for settlement.


It is usually a condition of your home loan that the building insurance is in place from the moment you legally take over the property. The time where it is required to take legal responsibility for a property may differ by state. If you do not have insurance during these periods, you could be liable, so check which periods are relevant for your state.


Your conveyancer or solicitor will work with you to arrange for settlement with Suncorp Bank, which will involve providing us with details for the payment of settlement funds. This needs to be done at least three days prior to settlement, to allow for processing time. On the day that we advance the loan funds, your loan account will be debited.

Once the settlement arrangements are made and completed, the real estate agent will usually make the keys to your new house available.

Moving in

Time to break open the champagne and enjoy your new house!

Need help to get a home loan?

Suncorp Bank has a team of home loan experts that can answer your questions and provide support along your home buying journey. Get in touch now.


Talk to a home lending expert


Published 10 October 2023

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The information is intended to be of a general nature only and any advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.

Home Loans are provided by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No. 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document, Lending Fees and Charges and Home Package Plus Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.