The borrower/s completes the HomeSec Online Application Form and clicks “submit”. This will go straight to our credit assessment team. The borrower/s then fax or emails a rates notice, for the security property, 3 months worth of recent mortgage statements, and a clear copy of photo ID showing the borrowers home address.
Once received, we will do some basic assessment and if all ok, we will issue a Conditional Approval. This simple document sets out the costs, and any conditions that may apply. Also attached to the Conditional Offer is a Loan Balance Request Form. This form just needs to be taken or faxed to the financial institution who holds the first mortgage over your property. The institution (ie: bank) then completes the simple 1 page form and faxes it directly back to our office. [note: this does not apply to properties with no first mortgage]
If the Conditional Offer is all acceptable to the borrower/s, they then need to sign it and fax or email it back to us, and at that time, also pay the $495* acceptance fee. (*This fee covers our searches, and the cost of assessing the property value. The Acceptance Fee can be paid at any Westpac branch, or by credit card. It can also be paid by internet transfer however this will delay processing until the funds hit our account the following day. This fee may vary depending on the number of security properties being assessed.)
Once the Acceptance fee has been paid, and the signed offer has been received back by fax or email, we then organise a local real estate agent to do a Market Appraisal on the security property on our behalf. Unlike valuations, these can be done within a matter of hours, not days.
Once this is all done (generally the same day as the signed offer is received by fax or email), and everything stacks up, we will instruct our lawyers to prepare loan contracts. These are normally ready within 3 working hours, and will be emailed directly to the borrowers lawyers.
The borrower/s then need to sign the loan contracts in the presence of a lawyer (this is also to give the borrower peace of mind that they know what they are signing), and have verification of identity completed.
Once this is all done, the contracts then need to be scanned by your lawyer and emailed to our lawyers. Once our lawyers have checked the signed contracts, we will lodge the caveat on the title of the security property to secure the debt, and advance the funds to the borrowers nominated bank account. The funds are normally transferred by Telegraphic Transfer, meaning the borrower has clear funds in just 2 working hours.