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.
Loan Process
1. Pre-approval
Visit our mortgage enquiry page.
2. Full Application
Call us or we'll call you to complete a full application over the phone and run a credit check and valuation if required.
3. Verification and Title Search
Send your relevant documents to MyRate - we will then verify your details and conduct a title search.
4. Formal Approval
When your loan is fully approved, MyRate will send a Letter of Offer to you or your representative. Read the Letter of Offer, sign it and return it to MyRate.
5. Settlement
MyRate will provide you with a clear, concise document confirming all your loan details, and complete instructions on how to access your funds and make transactions. Congratulations and welcome to your new loan!
| Step |
Status |
Time since start |
| 1. Pre-approval |
Pre approved |
1 day |
| 2. Full Application |
Credit approved
Valuation ordered |
1 day |
| 3. Verification and Title Search |
Documents verified
Title search |
3 days |
| 4. Formal Approval |
Full approval |
5 days |
| 5. Settlement |
Settlement |
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