Our Service Commitment to You

We are committed to the provision of first-class service that meets your needs and exceeds your expectations, every time. Every one of our mortgage brokers aims to make your home finance experience a good one, and supports the Loan Market Group’s service commitment to you. Depending upon how complex your personal finance situation is, the loan approval process, from the initial meeting to a final approval, will take anything from a few days to a couple of weeks. Larger loans and more complex situations can take longer. Simpler scenarios can be much faster.

Below is a step by step indicator of what you can expect:

Step 1: Interview
During the interview process your mortgage broker will discuss various home loan options. Once you have selected a suitable home loan product, the loan process will commence.

Step 2: Loan Application Process
Your mortgage broker will ensure you have all the necessary documentation for your home loan application, and will lodge it with your selected lender.

Documentation may include:

• Passport/Visa/Citizenship Certificate
• Drivers Licence
• Marriage Certificate
• Birth Certificate
• Medicare Card
• Your two most recent payslips
• Copy of employment contract and/or a letter from your employer
• Most recent Payment Summary
• If self-employed, the last two year’s full tax returns
• Centrelink Statements
• Centrelink Entitlement Letter
• Proof of existing rental income
• Proof of proposed rental income
• Most recent statement for all savings accounts
• Copy of superannuation statements, share certificates etc.
• Copy of sale contact on existing home or settlement letter from your solicitor if the deposit is to come from the sale of an existing home
• Statutory declaration if any part of the deposit is a gift, stating it is non-repayable
• Rates notice on any existing properties
• Most recent statement for all credit cards, personal loans, leases etc.
• Copy of loan statements for 6 months on any existing mortgages
• Copy of contract of sale for property being purchased
• Home Insurance certificate for all properties owned
• Copy of plans, specifications and fixed price contract for any construction
• Cheque for establishment fees if required

Step 3: Assessment
The lender will assess your application to determine whether you meet their serviceability requirements. This process includes confirmation of your income and employment and a credit reference check. Your supporting documentation is also assessed at this time.

Step 4: Conditional Approval
Your mortgage broker will receive conditional approval on your behalf. The lender will also outline any matters that need to be addressed before they can issue an unconditional approval.

Step 5: Security Assessment (Valuation Reports)
During the security assessment the lender may order a valuation on the property being purchased. Your mortgage broker will be able to advise you if the security assessment cost is included in your application fee.

Step 6: Lenders Mortgage Insurance
If required, your lender will now submit your application for Lender’s Mortgage Insurance assessment.

Step 7: Unconditional (Full) Approval
Once your home loan is unconditionally approved, a formal Letter of Offer will be issued by the lender.

Step 8: Loan Settlement
Loan documentation is issued and should be forwarded to your solicitor/conveyancer, who will then liaise with the lender to schedule a settlement date. The first repayment on your loan will usually be required one month after the settlement date

Step 9: Insurance
There are two types of insurance you should consider:

• Home and contents insurance
• Life/income protection

You may need to start your insurance cover prior to settlement.

Customer Dispute Resolution Process

Loan Market Group is committed to a fair and prompt resolution of any disputes or complaints.

Please let us know any concerns you may have promptly; this will help us both to resolve your concerns quickly as well as providing us with details on how to serve you better and continually improve our customer service. Often complaints are misunderstandings that can be resolved during a telephone conversation or two with our Complaints Contact Person.

A Full Dispute Resolution Process is available on sister-site www.loanmarket.com.au

State-based contact complaint contact details

Tony Jongue State Manager SA/NT Phone: 08 8213 5900 Mobile: 0413 900 375 Fax: 08 8213 5912 E-mail Tony Jongue 213 Hutt Street ADELAIDE SA 5000	Ken MacLennan State Manager WA Phone: 08 9422 6200 Mobile: 0439 887 723 Fax: 08 9272 7270 E-mail Ken MacLennan Level 1, 56 Walcott Street MOUNT LAWLEY WA GPO Box 818 MOUNT LAWLEY WA 6050	Brett Pilgrim State Manager NSW Phone: 02 9249 3731 Mobile: 0432 401 010 Fax: 02 9279 1906 E-mail Brett Pilgrim  Level 17, 135 King Street SYDNEY NSW 2000 GPO Box 5200 SYDNEY NSW 2000
Mark De Martino State Manager VIC Phone: 03 8554 4623 Mobile: 0488 666 666 Fax: 03 8554 4666 E-mail Mark De Martino 252 Bay Street Port Melbourne VIC 3207	Andrew White State Manager QLD Phone: 07 3231 2124 Mobile: 0406 753 362 Fax: 07 3105 7351 E-mail Andrew White  Level 7, 123 Eagle Street BRISBANE QLD 4000 GPO Box 2433 BRISBANE QLD 4001	Contact CentreLee Banh Contact Centre Manager Phone: 02 9249 3739 Mobile: 0403 084 762 Fax: 02 9279 1906 E-mail Lee Banh Level 4, 345 George Street SYDNEY NSW 2000 GPO Box 5200 SYDNEY NSW 2000

 

More information and home loan help

For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 LOAN (direct +61 2 9249 3739)