Easy Application Process with Fast Approvals MyRate has 5 easy steps to getting your home loan and offers one of the fastest processing timeframes available.
| ||1. Loan Pre-Approval ||2. Approval Subject to Valuation ||3. Written Unconditional Approval ||4. Loan Contracts Drawdown ||5. Loan Settlement |
| ||This is simply an estimation of your borrowing capacity ||You can now go property shopping with confidence ||Valuation verified and formal approval letter issued ||Solicitor has been instructed and your contracts are ready for you to sign ||You are now the proud owner of your new property |
|MyRate ||Instant |
|24 Hours |
following full application submission
|96 Hours |
following conditional approval
|48 Hours |
following formal approval
depending upon your purchase contract
|Other lenders ||? ||? ||? ||? ||? |
|Mortgage Brokers ||Subject to lender timetables ||Subject to lender timetables ||Subject to lender timetables ||Subject to lender timetables ||Subject to lender timetables |
Please note that timeframes are subject to you providing all the relevant paperwork and providing access to the property for valuation.
|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.