Mortgage Approval Process

STEP 1: Initial interview

During your initial interview with Gippsland Mortgage Solutions, you will learn exactly what to expect from the buying and financing process. We will explain the key steps of the home loan application process, and by the time you leave, you’ll know exactly what information you’ll need to provide and what the process involves.

STEP 2: Application lodgment

After discussing your specific situation and your individual objectives with you, we’ll assist you to choose the lender and product from our panel of lenders that best suits your individual circumstances. We will then lodge a loan application on your behalf, ensuring all aspects of the application are fully and appropriately completed.

STEP 3: Pre-approval

The lender will assess your application and provide provisional approval on your loan, based on your current situation. This is known as ‘pre-approval’, and usually comes with a list of criteria that you must meet before the lender will formally approve your loan. As the pre-approval is based on your current financial situation, it’s important that you keep your financial circumstances consistent and stable until the purchase of your property goes through.

STEP 4: Lodgment for formal approval

Once you’ve met the lender’s conditions, we’ll apply for formal approval on your behalf.

STEP 5: Formal approval

Once your mortgage provider decides to grant formal approval, they’ll send us your formal offer letter. We’ll review it to ensure everything is in order, then forward it to you and your legal representative and also advise your Real Estate Agent. A few days later you’ll receive your home loan documents, which you will need to sign.

STEP 6: Execution of loan documents

Once your loan documentation arrives, we will make an appointment with you to go over all of the information and assist you to complete the sign up.

Take a look at our Home Loan Glossary of Terms, or contact us to discuss how our experienced team can help you.