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Find out the best interest rates available:

Owner-occupied Home Loan
5.99% p.a.      6.00% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories. The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years secured by an owner-occupied residential property. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. Whilst we endevour to keep the information on this website up-to-date at all times, interest rates change daily - always confirm the current interest by calling 0466392717 before making any decisions. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.
Investment Home Loan
6.29% p.a.      6.30% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories. The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years secured by an investment residential property. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. Whilst we endevour to keep the information on this website up-to-date at all times, interest rates change daily - always confirm the current interest by calling 0466392717 before making any decisions. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.
Car Loan
6.52% p.a.      7.50% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *The interest rate is available to approved applicants financing a motor vehicle on a secured consumer fixed rate loan over 60 months. The comparison rate is based on a 5 year secured fixed rate loan of $30,000. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Applications for finance are subject to normal credit assessment. Conditions, fees & charges apply. Whilst we endevour to keep the information on this website up-to-date at all times, interest rates change daily - always confirm the current interest by calling 0466392717 before making any decisions. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.
Personal Loan
7.24% p.a.      8.22% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *The interest rate is available to approved applicants getting a fixed rate personal loan over 60 months. The comparison rate is based on a 5 year secured fixed rate loan of $30,000. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates do not include our brokerage fee. Applications for finance are subject to normal credit assessment. Brokerage not included. Conditions, fees & charges apply. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.
Refinances available from:
5.99% p.a.      6.00% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories. The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years secured by an owner-occupied residential property. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. Whilst we endevour to keep the information on this website up-to-date at all times, interest rates change daily - always confirm the current interest by calling 0466392717 before making any decisions. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.
Pre-approvals available from:
5.99% p.a.      6.00% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories. The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years secured by an owner-occupied residential property. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. Whilst we endevour to keep the information on this website up-to-date at all times, interest rates change daily - always confirm the current interest by calling 0466392717 before making any decisions. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.

The Home Loan Process Explained

Home Loan Process Explained - Australia 2023

Getting a home loan can be very confusing, especially if it is your first time. Whilst the process does vary from lender to lender, the frameword is always the same. The process is the same for owner-occupied purchases, investment purchases or refinance. Our home loan process looks like this:

Home Loan Process Australia

Step 1:Starting the Home Loan process

Initial Interview & recommendations

As a first step, you'll need to make contact with us via email to zak@bluefoxfinance.com.au or call on 0466392717. The options to get the process started are:

Note: this process is also applicable for pre-approvals up until the initial approval.

Whether you've requested an in-person appointment or email process, I will ask you for some basic details & documents before we can provide lender/product recommendations.

Documents you may be asked for before an initial assessment is complete:
Fact Find - which provides us with your basic income/expense details.
Sign our Privacy Disclosure
Driver licence or other photo ID.
Your latest 2 payslips.
If self-employed: your latest 2 years' financials.
In return, we'll provide you:
Loan Recommendations in PDF format.
Affordability overview.
Notes on anything that may cause you issues with your application.

Step 2: choosing your lender and product

Once you've reviewed and discussed your Loan Recommendations, we can let you know how to proceed with that lender. If you want any additional recommendations or amendments, just let us know.

We'll usually need to collect extra documents for the specific lender of choice. These documents may include: liability statements, bank statements, extra ID etc. We'll also discuss other home loan features you may want to consider at this point, such as: split loans, rate-lock and offset accounts.

Step 3: Application Lodgement

Once we have the required info/documents, we'll provide you the lender's application documents for signature & our Credit Proposal - which highlights all fees, interest rates & repayments etc. in a formal PDF.

Upon signing of the application documents, we'll get the loan submitted on your behalf. We'll also provide you an outline on the expected timeframes for that lender's approval process. You'll recieve email updates at every stage from here out.

Step 4: Lender home loan approval process

Pre-assessment

Most lenders have a 'pre-assessment' team. This team will review the submission, usually within 24 hours, and confirm all required documents have been supplied, and give an ETA on the final assessment date.

Unless applying for a pre-approval, we will order the valuation at this stage (free upfront valuations are available with most banks).

Home Loan Approval

Assuming all went well, you should get your approval at this stage. Your approval can come in a few different formats:

Pre-approval:
Provided only if requested upfront.
Is essentially the same as a conditional approval, subject to you finding a property.
Valid for 90 days.
Conditional approval:
If the bank is willing to approve your loan, but needs to see extra documentation, they'll issue a conditional approval subject to XYZ
Documents requested in the conditional approval should be sent back to the bank within 14 days.
If not already completed, the valuation will be ordered at this stage.
Formal approval:
A fully approved loans with no additional requirements.
Once you have the formal approval, you can go unconditional on your contract.
Loan contracts will be sent out within about 48 hours.

If you received a pre-approval or conditional approval, you'll need to provide any outstanding requirements. The bank will then review the application again (within 48 hours for most banks) and issue a formal approval in most cases.

Step 5: Home Loan Contract Signing

After formal approval, your home loan contract will be issued. You'll need to review in full, and return them to the bank with a few other documents - this should be done as soon as practically possible.

Documents to return after approval:
Sign the home loan agreement: these are issued for digital signature by most lenders.
Mortgage documents: you should print 2 copies, have them witnessed by a JP, and posted back to the bank.
Insurace Certificate: we'll need you to email through a copy of your home insurance policy.

Step 6: Settlement process

Once the bank has all loan documents signed and returned, they will check everything is completed correctly - usually within 48 hours. The bank will then issue a 'ready for settlement' notice. You Solicitor will walk you through the settlement process from here. Your deposit + costs will need to be paid on the day of settlement and you can collect your keys from the Real Estate Agent once it's all finalised.

Post-settlement: Interest Rate Reviews

At settlement, we'll set a follow-up date for a rate review. This is usually:

If you believe your interest rate is not competitive at any time, feel free to contact us sooner for a rate review.

How to get your home loan process started

If you're looking for a Mortgage Broker with experience, excellent reviews, and a full understanding of the home loan process in Australia - hopefully - you'll give us a call to let us assist you in your home loan journey.

Please feel free to contact me if you have any questions or would like to get started. zak@bluefoxfinance.com.au or 0466392717.

FAQ about the home loan process:

How long does the whole process take?

Our process usually takes 48 hours upfront, and the bank usually takes 2 - 14 days - depending on the lender. Settlement is generally 14 days after approval.

How long does it take to get a pre-approval?

It varies depending on the bank. We can generally get pre-approvals approved within 4 days.

What's the quickest you can get a home loan approved?

If you need an extremely fast approval & settlement, we can generally get an approval within 48 hours with a select few lenders. Settlement can take place 7 days afterward.

Do you charge any fees?

No. The bank pays us a commission after settlement - so there is no fee for you.

When is the valuation ordered?

It's usually ordered right away once you've found a property, regardless of where you are in the approval process. This can be before or after conditional approval.

Once I have a pre-approval, how long do I need to satisfy the finance clause?

This depends on the lender. Most of the lenders we recommend for a pre-approval can finalise the approval within 7 days of you finding a property.

Author: Zak Avery

Zak Avery
Owner
Mortgage Broker

About the Author

Zak has been a Mortgage Broker since 2015, and founded Blue Fox Finance in February 2017. He has all industry memberships, qualifications, insurances and has received over 100 5-star Google reviews.

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Last updated: 
02 January, 2023
       Author: 
Zak Avery