From Inquiry to Settlement
– A Clear Path Forward
At Ellerfield, we make the home loan process smooth and stress-free. Below is a typical timeline of how your loan progresses from initial contact through to settlement.
Loan Timeline: 5 Key Stages
01
Inquiry
Initial consultation to discuss goals, loan types, borrowing power, and lender options.
02
Assessment
We gather your documents and complete a preliminary assessment of your eligibility and options.
03
Submission
Your loan application is submitted to the chosen lender along with supporting documents.
04
Approval
The lender assesses your file and, if approved, issues either a conditional or formal approval.
05
Settlement
Loan documents are signed, mortgage is registered, and funds are released for property purchase or refinance.
Loan Application Document Checklist
Use our free online tools to estimate your savings:
- Proof of identity (driver’s licence and/or passport)
- Recent payslips or income verification (2 most recent)
- Latest group certificate or tax return (if self-employed)
- Bank account statements (3–6 months)
- Credit card or personal loan statements
- Contract of sale (if purchasing)
- Existing loan statements (if refinancing)
- Rental income statements (if applicable)
How Lenders Assess Your Application
Lenders evaluate your loan application using a combination of automated credit scoring models and manual credit assessment. Key factors include:
Credit Score
Your repayment history, credit enquiries, and current liabilities impact your score.
Serviceability
Based on your income vs. expenses and ability to repay under stress-tested interest rates.
Employment & Stability
Lenders prefer applicants with stable income and consistent employment.
Loan-to-Value Ratio (LVR)
Loans above 80% LVR may incur Lender’s Mortgage Insurance (LMI).
Asset & Liability Position
A strong savings history and manageable debt levels improve your profile.