Easy Step-by-Step Application Process

For more specific information, please also see our step-by-step loan process for each loan type.

1. Pre-approval

2. Full Application

Call us or we'll call you to complete a full application over the phone and run a credit check.

3. Valuation and Processing

Send your relevant documents to MyRate - we will then verify your details, assess your loan and organise a valuation. If you do not yet have a property in mind, we will approve your loan subject to valuation. We will give you a Formal Approval decision within 5 days of receiving all your documents.

4. Formal Approval

When your loan is fully approved, MyRate will send loan agreements to you or your representative. Read the agreements, sign where required and return it to MyRate.

5. Settlement

MyRate will provide you with a settlement letter confirming all your loan details, and complete instructions on how to access your funds and make transactions. Congratulations and welcome to your new loan!

Tip: If your loan is approved subject to valuation, this approval will last you 3 months. However, if more than 30 days has passed since your approval, you will need to supply us with :

Up to date pay slips.
Up to date savings/credit card/loan statements.
Your updated assets/liabilities list to confirm nothing has changed since pre-approval.

5-Day Formal Approval Guarantee

Our loan process is fast, simple and convenient. Unlike other lenders, once you submit all your paperwork, we guarantee to provide you with a Formal Approval decision within just 5 business days. If it takes more than 5 business days we will deposit $100 into your loan at settlement. Some terms and conditions apply and your loan consultant can explain more.