Seven details, an answer in minutes

The Simple Seven, and why each one matters

Every one of these is something you already know, or can find out in a two-minute call with the client. None of them is a document. Together they tell us whether the property can carry the loan and whether the loan has a way out, which is the whole decision.

1. The estimated value of the security propertyThe client's or your own estimate is fine. We assess value ourselves; there is no valuation to order.
2. The address of the security propertyWe run the title search, so we see the owners, the existing mortgage and anything else registered.
3. What is owed on the property, and to whomThe lender and the balance decide whether we sit first or second, and how much equity is left to lend against.
4. How much the client wants to borrowAnywhere from $20k to $5M. Include your brokerage if you know it.
5. How long they want the loan forFrom one month. There is no maximum, and they can repay early or extend without a fee.
6. How many people are on titleEveryone on title signs, so we need to know who is involved from the start.
7. The purpose of the fundsThe business purpose, and the exit if you know it. This is the one item that must be there.

From scenario to settlement

1. Scenario

   You send the Simple Seven by phone, email or through the portal. No documents yet.

2. Indicative answer

   A Lending Manager looks at the property and the numbers and calls or emails you with an indicative yes or no, usually within 30 minutes in business hours.

3. Conditional approval

   If it is a yes and the client is happy, lodge the deal in the portal with the three key documents: rates notice, latest mortgage statement and photo ID. The conditional approval follows, usually within 30 minutes.

4. Settlement

   The client signs, due diligence and loan documents are completed, and the funds are in your client's account in as little as 24 hours from a clean, complete scenario.

Funding times are from a clean, complete scenario. All loans are subject to assessment and approval.

A good scenario and a thin one

The difference between an answer in half an hour and a file that sits is almost always in the first message. Here is the same deal sent two ways.

An illustration, not a real client.

What makes an answer fast

• An honest debt figure. We work to 80% of value on residential security and 70% on commercial, including what is already owed. A surprise second mortgage on the title changes the answer.
• A purpose and an exit. "Pay the ATO, then refinance in four months" is a deal. "Working capital" is a question.
• The deadline. If there is a settlement date, a garnishee or a supplier deadline, tell us on the first call. We will tell you plainly whether it can be met.
• Everyone on title. If a property is held with a partner or a company, everyone signs. Better to know on day one than on the day of signing.

Then: three documents for the conditional approval

Once the client is happy with the indicative answer, lodge the deal in the HomeSec portal and upload three things: the council rates notice for the security property, the latest mortgage statement for any existing loan, and photo ID for each person on title. With those the conditional approval usually follows within 30 minutes, and it sets out every detail and cost before the client commits. The portal walkthrough shows where each step happens.

How to lodge in the portal → · Conditional approvals, step by step →

Why seven and not seventy

Most lenders ask for a full application before they will say anything. That suits a bank, which is going to look at the client's income, but it wastes a broker's afternoon on a deal that may not fit. HomeSec lends against property equity and a clear way out, so the decision needs much less. Seven facts are enough to tell you whether the deal works, and if it does not, you find out in half an hour rather than in a fortnight.

It also makes you easier to deal with for the client. A business owner with a tax debt or a supplier on the phone does not want to fill in forty fields before they know whether anyone can help. Ask them seven questions, call us, and call them back with an answer.

Reviewed by Jason Brockmuller, Joint Chief Executive