Home Loan Process – Mango Money

Home Loan Process

STEP 1: Getting your basic information

We start the process by sending you an email with access to our client portal. Here you will be able to enter your basic information, from your income and expenses to your assets and liabilities and your employment. Once completed this information goes straight into our system and allows us to get started.

This is not compulsory and if you prefer to just meet in person first up let us know but by doing this before our first meeting we can really make the most of our time together.

STEP 2: Supporting Documentation

Getting all your information upfront is essential for us to give you the best chance of approval and more choice.

The more information we have the more options you will have.

The link below will take you to our website, providing a list of documents as well as a video explaining why it is so important we get as much information as you can provide.
Mortgage Documents Required

At the end of the day we want to get you the best loan possible and the more information we have the more options you have.

STEP 3: Questionnaire and Loan Interview

Before catching up we will email you an easy to complete questionnaire. Our questionnaire is designed to get to know you a bit better and understand your loan requirements. (Listing of assets and liabilities is only a small part of knowing you.) Completing this before out meeting means at our interview we already have some ideas, on your needs and requirements. Then from the loan interview, we can get a complete picture of what you want and put this together to be able to help us in recommending the right lender and loan product for you.

STEP 4: Research

After receiving all your documents and discussing your needs and wants we research all the lenders to find the most suitable loan for you.

Initially we look at the lenders that gives you the best chance of success. (There is no point in submitting your loan to a lender to only be declined.) We then zero in, looking for the the best loan to meet your needs. (making sure of a competitive interest rate and features that you require.)

STEP 5: Preliminary credit assessment and credit proposal

By this step we will understand your requirements, and we will have researched over 30 lenders. You will be provided a report detailing your stated requirements and objectives for this loan. The preliminary assessment we complete ensure we recommend a loan suitable for you and you are happy with.

The credit proposal also outlines the product or products selected, any fees payable by you to the Financial Institution if you proceed with the loan and commissions and remuneration that we will receive if you proceed with the loan.

STEP 6: Loan preparation and submission

Providing you elect to proceed we will generate a loan application specific to the lender and ensure we have all supporting documents together required by that lender. We will then either meet with you or send you the loan application for signing. Once we recieve all the loan documents and everything is in order we will submit your loan for approval.

Most lenders now accept electronic lodgement. In this event you can normally expect a conditional approval within 2 business days although some lenders can take significantly longer.

Valuation - depending on the lender we may have organised the valuation well before you sign off on the application or it may be ordered by the lender. Each lender has a different policy.

Providing you meet all the banks criteria we can expect a formal approval between 5 to 15 business days from submission. We will generally have an idea of time frames and this is taken into account when recommending lenders. We will update you once loan is submitted. 

STEP 7: Loan and Mortgage documents

Upon approval, the lender will generate a loan agreement and mortgage documents. Sometimes the loan agreement can be accepted electronically while other times the loan agreement will be posted out. In all cases the mortgage must be signed with a wet signature and witnessed by a JP. Loan and mortgage documents are then sent back to the lender for verification. The lenders solicitors will then prepare for settlement. 

If you are purchasing your own solicitor will let you know how to pay your deposit so that they have the funds available in time for settlement. If refinancing the lenders solicitors can handle the whole process and we will work with you to ensure everything goes smoothly.

​It is important that Loan and mortgage documents be returned in a timely manner to ensure settlement is not delayed. 

STEP 8: Settlement

After sending in your documents we will work with your new lender, and solicitor (if you have one) to ensure settlement happens as quickly and smoothly as possible.

After settlement we will check the lender fees to ensure there are no hidden surprises and followup with you to ensure everything is in place as it should be.

STEP 9: Watch the years Melt off Your mortgage

After settlement we will be working hard in the background. If you need anything changed with your mortgage, feel free to give us a call. As your relationship manager we will be working with your new lender to keep your loan competitive. So we will be calling them from time to time with a rate update. If we notice it is off the mark we will let them know and in most cases we will be negotiating with them to keep your loan competitive. You can just sit back and watch the years melt of your mortgage. In most cases you won't need to do a thing. You will be notified from us and your lender of any discounts we have negotiated on your behalf.

But if you ever need a review you just contact us and we will get to work for you.