Home loans

From application to settlement: the flow of a home loan

3 min read

Home loans

From application to settlement: the flow of a home loan

3 min read

Buying a house – whether it be as an investment or as your home – can be a long and arduous process. There is a lot more to buying a home than saving money for a deposit, making an offer then paying a mortgage.

There are many steps along the way that you may not be aware of.

After being approved for a loan, making an offer then being accepted and paying a deposit, there is a lot that happens behind the scenes. There are a lot of boxes being checked and hoops being jumped through in order for you to be protected. That’s our job.

It is important to know exactly what happens when settling a property and what it entails, not only to give you peace of mind as to where your money is and where it’s going, but so you can get the keys to your new home knowing everything is in order and you can focus on enjoying your new property.

How formal approval works

Once a purchase contract has been won at auction or via private sale, provide it to your lending specialist and we will organise an independent valuer to assess your property.

As a buyer this is an important step and you will need to be prompt with providing information. If a buyer does not act promptly, they may not meet their financial obligations on the purchase contract.

The key items to address at this stage external to your bank loan are:

How the settlement process works

Congratulations your loan is approved!

Now your banker will organise for loan contracts to be issued. This can be emailed directly to you, printed off at your local Suncorp Bank branch or sent in the mail depending on which is most convenient.

At this stage it’s important you read and fully understand your financial obligations with the bank. You will have an opportunity to ask and get any final questions addressed with your lending specialist.

Depending on which state you are in, the mortgage documents might need to be witnessed by a Justice of Peace or Solicitor.

We will take your completed loan documents and get them reviewed by our validation team, they will then forward documents to our settlement agent to organise with your conveyancer a settlement day and time for your new home.

In this process you will need to stay close to your conveyancer as they will provide you with guidance and support to ensure your settlement goes through on time.

Before your settlement date, you’ll need to transfer your remaining deposit to your conveyancer. They will then draw the amount from their trust account for settlement.

Your lending specialist will keep you updated on when your settlement gets arranged, they will also coordinate with your conveyancer and our settlement agents to ensure settlement is met.

On the day of settlement your loan accounts will be created and you will get to pick up the keys of your home.

Your first mortgage payment will be due one calendar month after your settlement date.

Congratulations, you can now go pick up the keys to your new home!

Get expert assistance 

Contact a Suncorp Bank home loan expert about your loan options or for assistance with your application. 

Talk to a home loan expert

Published 19 April 2022

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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.

Various products and services are provided by different entities of the Suncorp Group. The different entities of the Suncorp Group are not responsible for, or liable in respect of, products or services provided by other entities of the Suncorp Group.