Question 1

What steps can I expect in the loan process?

Accepted Answer

During each stage of the loan process, there are multiple actions that need to be taken by us as your broker, by you and your representatives (e.g. conveyancer) and, of course, the lender. We promise to keep you updated every step of the way. Here is an outline:

STEP 1: INITIAL MEETING

By the end of this stage, you will have met our team, discussed your needs to us, and gained an understanding of if/how we may help you achieve your goals.

What you do:

Provide us with us as much relevant information as possible 
Feel welcome to ask lots of questions 
When proceeding, complete the Hello Pack, within this there is: identify verification, our privacy policy and our quote. 
Providing your supporting documents for your application for finance.

STEP 2: CREDIT CHECK

By the end of this stage, we will get a clearer picture of your financial footprint so we can find the right lender and rate to fit your profile.

What you do:

Provide your consent for us to collect your credit report by agreeing to our privacy policy & credit

Why does My Finance Agent collect credit reports?

At My Finance Agent, we collect a copy of your credit report upfront to evaluate your financial behavior and history. This includes examining your credit accounts, payment history, outstanding debts, and any public records like bankruptcies. This information helps us determine the right lender and product that might better suit your credit profile.

Will checking my credit report affect my credit score?

When we request your credit report, it is considered a "soft inquiry" and does not impact your credit score. Soft inquiries are only visible to you and do not affect your credit rating.

STEP 3: RESEARCH

By the end of this stage, we will discuss your options and solutions based on your requirements, plus, plan for your future.

What you do:

Attend our in-depth strategy meeting. 
With the broker's guidance, work through and decide on loan features and specifics. 
Discuss during the meeting your personalised road map to creating wealth. Plan a roadmap for your current and future plans.       
Feel free to ask lots of questions

STEP 4: BEST INTEREST RECOMMENDATION (GAMEPLAN)

By the end of this stage, you will understand which lenders and products best match your borrowing needs, as well as how much you can borrow and at what interest rate.

What you do:

Consider the broker's recommendations, then choose your preferred option
Feel welcome to ask lots of questions 
Complete the e-sign of our compliance document (Gameplan)

STEP 5: LOAN SUBMITTED TO LENDER

By the end of this stage, your loan application will be prepared and submitted to the lender.

What you do:

Complete the application form. 
Provide any outstanding supporting documents and any other requested information from the lender. 
We will submit your application and notify you.

Remember:

Timely and accurate completion will help your loan application move smoothly 
Your patience is required during the loan assessment process— the lender's estimated assessment date may change due to factors outside of our control.

STEP 6: LOAN PRE-APPROVAL

By the end of this stage, you will receive pre-approval of your loan by the lender. (NB. Borrowers who are refinancing or have a signed purchase contract will skip this stage.)

What you do:

Go house hunting! 
Lean on us for any support over the home buying process. We can assist with buyer's agents and other options. We have an extensive partner network to support you 
Stay in touch with your broker for all your property hunting developments
Inform the team promptly when your offer is accepted and email us a copy of the signed contract

STEP 7: CONDITIONAL APPROVAL

By the end of this stage, you will receive conditional approval of your loan.

What you do:

Provide any requested information in a timely manner 
Allow or coordinate access to the property for valuation purposes
Stay in contact with the team

STEP 8: UNCONDITIONAL APPROVAL

By the end of this stage, you will receive unconditional approval of your loan. (Sometimes referred as “Formal Approval”)

What you do:

You are welcome to meet with the team to go through the loan documents or you may prefer to do so with your conveyancer, solicitor or on your own. 
Sign and return the loan documents to the lender.       
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STEP 9: PENDING SETTLEMENT

By the end of this stage, your loan documentation and all parties (lender, vendor/seller and borrower) will be ready to complete the purchase and settle your loan.

What you do:

Organise and submit evidence of building insurance (certificate of currency)
Ensure sufficient available funds to complete the purchase are ready prior to the settlement date, in the correct nominated bank account.

STEP 10: SETTLEMENT

By the end of this stage, the purchase will be completed, and your loan settled. Settlement will occur between the lender and your solicitor. For more information, check out: What happens on settlement day?

What you do:

Check that your loan repayments are coming out of your nominated account at the correct frequency as yon nominated in the loan documents. 
Contact us with any concerns or questions 
Congratulations on your settlement! We look forward to working with you again soon.

Question 2

What is in the Hello Pack?

Accepted Answer

It is an email that contains a compilation of digital items including our Hello Book document, a link to our online Fact Find, and hyperlink access to File Invite, our digital repository for secure online document submission. The Hello Pack email is sent to you after the initial meeting. For compliance purposes, we obtain your consent to our privacy policy and credit guide. You give us consent to collect critical client information in order to protect your best interests and assess the suitability of a loan for your situation.

Question 3

What is the Fact Find?

Accepted Answer

It is an email that contains a compilation of digital items including our Hello Book document, a link to our online Fact Find, and hyperlink access to File Invite, our digital repository for secure online document submission. The Hello Pack email is sent to you after the initial meeting. For compliance purposes, we obtain your consent to our privacy policy and credit guide. You give us consent to collect critical client information in order to protect your best interests and assess the suitability of a loan for your situation.

Question 4

What is File Invite?

Accepted Answer

File Invite is a document repository which allows you to securely upload documents for the loan process. The request to upload your documents is sent in the Hello Pack after the initial meeting stage of the loan process. To learn more about the loan process, please click [What steps can I expect in the home loan process].  
 
The first time you use File Invite, you will be offered a quick video tutorial on how to upload and submit your documents.

Question 5

What is in the Game Plan?

Accepted Answer

The Game Plan document is a "plan of action" that we send you before the loan application stage. It outlines the work the broker has completed for you and details how their recommendations were formed. It links your goals, objectives, preferences, and requirements to the broker’s rationale, with notes on why the recommended product was selected across a number of different criteria including interest rates, product features, turnaround times, lender preferences, credit policy, and borrowing capacity.

Question 6

What is an Annual Home Loan Health Check?

Accepted Answer

Every My Finance Agent client with an active mortgage receives an Annual Home Loan Health Check. This free service ensures that your lender always offers you the most competitive interest rate and product features tailored to your circumstances.

What does your Annual Home Loan Health Check entail?

If you are on a multi-year fixed interest rate, we will be in touch with you before your fixed rate expiry date. However, we will still provide you with a summary of your loan details annually.  
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Suppose you are on a variable interest rate. In that case, we negotiate vigorously with your lender to secure a further discount on your current variable facilities and provide you with a summary of your loan details.

Additionally, we look for ways that you may be able to pay off your mortgage sooner by considering factors such as your equity position.

Question 7

How long does it usually take to settle a loan?

Accepted Answer

"Settlement" is the legal process of transferring ownership from the seller to the buyer. It’s the very last step in the house (or other asset) buying process conducted between the buyer and seller's legal and financial representatives. The settlement process can vary in length, depending on the specific circumstances. 
 
The date of settlement will be outlined in the sales contract. The "settlement period" is the time between signing the sale contract and its completion. Settlement periods range from 30 to 90 days, or sometimes longer, depending on the period agreed between the buyer and seller.  Please note that commercial loans may take longer than residential loans. 
 
Read: What happens on settlement day?

Question 8

Is Illion Bank Statements safe and secure?

Accepted Answer

For your convenience and security, we use Illion Bank Statements to collect your bank statement data. As well as saving you time, secure online data gathering protects you from the greater risk of fraud and identity theft associated with paper records. Illion Bank Statements is an award-winning technology platform that digitally retrieves bank statement data. Your online banking credentials are never stored. The service is independently tested and audited by external security experts. Data is encrypted with bank-level 256-bit encryption, secured by 2048-bit keys.

For more information, contact us here.

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Frequently Asked Questions

What steps can I expect in the loan process?

What is in the Hello Pack?

What is the Fact Find?

What is File Invite?

What is in the Game Plan?

What is an Annual Home Loan Health Check?

How long does it usually take to settle a loan?

Is Illion Bank Statements safe and secure?

FBAA FINANCE BROKER OF THE YEAR (NSW & ACT) 2023