Home Loan application next steps
What happens after I apply?
Once you’ve completed your home loan application there are still a few more steps before you receive a formal home loan agreement and the money to buy your property.
1. Property valuation
We make a valuation of the property you’re buying to make sure it’s acceptable as the security for your home loan.
2. Complete the processing of your application
We verify the documents you’ve supplied such as your pay slips and bank statements. Then we finish processing your loan.
3. Loan approval
If your application meets our normal lending criteria it will be formally approved.
4. Receive your loan contract and other documents
Your loan documentation is issued to your Home Loan Expert. Once they receive it they’ll invite you into the branch to explain it to you. This documentation sets out the terms and conditions of your loan, and forms the formal legal agreement between you and Westpac.
5. Signing of the loan documents
We encourage you take the loan documents to your solicitor or conveyancer, to have them explained to you and ensure you fully understand them. Once you’re happy, you’ll need to sign and return them to your Home Loan Expert.
6. Legal or conveyance professionals arrange settlement
Ensure your solicitor or conveyancer have all the documents they need to enable settlement to go ahead.
Settlement is when ownership of the property passes from the current owner to you. Once that’s done you can collect the keys. The exact process and timing of settlement varies from state to state so we recommend the help of a solicitor, conveyancer or settlement agent.
8. You move in
Congratulations! It’s time to enjoy your new home!