The Process

The Midstate Financial Services Process

The best way to approach the loan application process is to establish exactly what your financial position is and before approaching a lender you must first:

  • Determine how much you can borrow.
  • Gather the right supporting documents.
  • Know what kind of loan you will need.
  • Ensure you can afford the new financial commitment.

Midstate Financial Services will assist you to understand the influencing factors in the approval process and help make the whole process easy.

Supporting Documents

  • Proof of identity i.e. drivers license, birth certificate. and passport.
  • Evidence of income i.e. 3 consecutive pay slips or a detailed letter from your employer outlining Employment status and salary structure.
  • 6 months statement history of any loan to be refinanced.
  • Current credit card statement showing approved limit or most recent 3 months statement if you are consolidating.
  • Council rate notice for any property owned.
  • Other income: i.e. rental / family allowance/ dividends etc. Current evidence must be supplied.
  • A recent tax assessment notice.
  • For self employed applicants – 2 years taxation history.
  • Details of assets – motor vehicles, property, superannuation, household effects, boats, caravans etc.

We will take the Stress out of the Loan Application Process

Choosing a Lender

Take some time making this decision, it may be your first home, you may be buying an investment property or you may even be staying in the same house and refinancing.
With so many competitors in the market today choosing a lender can be a difficult task, however, the team at Midstate Financial Services will help take the stress out of the
decision process.

Loan Application

To proceed with an application you will need to supply all “Supporting Documents” previously detailed. The team at Midstate Financial Services will assist in the
preparation of your loan application and once signed by all parties, will lodge it with your chosen lender on your behalf.

There are certain stages in the loan application process
prior to final approval:

Conditional Approval

Once the lender receives your loan application they begin an assessment process which includes verification of all supporting documentation supplied. Once the institution’s lending criteria has been met and (if required) a property valuation and any title searches completed a “Conditional Approval” may then be issued.

Unconditional or Final Approval

This approval secures your finances and once your solicitor or conveyancer has been advised formally, the “Exchange of Contracts” may take place. You will then receive the loan documentation from your chosen lender; this will include the: ‘Letter of Offer’ and ‘Mortgage Documents’. We recommend you bring these documents into Midstate Financial Services for a full explanation and to ensure there are no errors.

Settlement

Settlement generally takes place up to 42 days after ‘The Exchange of Contracts’
Your solicitor or conveyancer along with your chosen lender and Midstate Financial Services will co-ordinate the final exchange of funds which in turn provides ownership
rights over the property being purchased.

Congratulations and Good Luck!