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EVENT
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WHO’S INVOLVED?
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BY WHEN? HOW LONG WILL IT TAKE?
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Initial enquiry and loan application. If you're a first home buyer, you'll need to complete your First Home Owner Grant (FHOG) application.
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1. You, and if buying with somebody else, your significant other
2. NSW Mortgage Corp
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This should be done as soon as possible, so you have time to review your available options and select the best loan product.
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Loan application and first home owners grant application lodged with the lender of your choice.
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NSW Mortgage Corp
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When your application is complete and you have provided any supporting documentation requested by the lender.
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Initial response from lender – either conditional approval or a request for additional information
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1. The lender to NSW Mortgage Corp
2. NSW Mortgage Corp to you
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1 to 3 days, depending on the lender and product you have chosen.
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Conditional approval from lender
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1. The lender to NSW Mortgage Corp
2. NSW Mortgage Corp to you
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If conditional approval was not provided in the previous stage, this will be as long as it takes for you to provide supporting documentation to the lender.
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If you have a pre-approval, provide NSW Mortgage Corp with the details of the property and a copy of the contract.
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You
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Once you’ve found the property you would like to buy.
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Property valuation (if required)
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Generally ordered by the lender you have selected
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On conditional approval, allow 3 to 5 days for valuation of the property
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Mortgage insurance approval (if required)
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Lender to mortgage insurer
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Usually 48 hours after receiving the valuation
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Final unconditional approval
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1. Lender to NSW Mortgage Corp
2. NSW Mortgage Corp to you
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Usually within 48 hours of receiving approval of mortgage insurance
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AT THIS STAGE, THE CONTRACT OF SALE MAY NOW SAFELY BE EXCHANGED
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Letter of offer sent
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Lender
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Usually takes 3 to 5 business days from final approval
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Letter of offer checked, signed and returned to lender
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1. You
2. Your solicitor or conveyancer
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Do this as soon as possible
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Mortgage documents prepared
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Lender’s solicitor or settlement agent
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Can be on return of letter of offer, although most lenders will prepare all documents simultaneously
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Mortgage documents executed and returned to lender
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1. You
2. Your solicitor or conveyancer
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Title and other searches completed
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1. Lender’s solicitor or settlement agent
2. Your solicitor or conveyancer
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Before settlement
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Stamp duty concessions / exemptions application
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1. You
2. Your solicitor or conveyancer
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Before or at settlement
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Stamp duty payment
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1. You
2. Your solicitor or conveyancer
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Before or at settlement
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FHOG received
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Lender’s solicitor or settlement agent
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Immediately prior to settlement
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Settlement
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1. Lender’s solicitor or settlement agent
2. Your solicitor or conveyancer
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