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Working with our Finance Division... What is the process?

The financing process can be very involved but it can also be almost painless. Regardless, you will have the full support of our experienced team helping you all the way! Due to the number of vast improvements undertaken by most lenders over the last few years, we are experiencing faster turn around times, improved policy and procedures, meaning less headaches for everyone and more happy faces. Below is a brief insight as to what happens during the loan process:

Step 1 - Initial Consultation

Telephone consultation with either Matt or Bree - they will discuss your current financial situation, goals & objectives.

Step 2 - Finance Recommendation

After reviewing your situation, goals and objective, you will provided with a written finance recommendation that will detail our proposal to help you achieve this.

Most clients have a lot of questions and rightfully so, so it can be expected that further discussions are had to ensure the client understands the proposal, and is happy to proceed with the proposal before proceeding further.

Remember, all questions or concerns should be voiced upfront - no matter how "silly" it may sound to you, it is important you ask and obtain as much insight going forth, afterall, it all relates to your finances.

Step 3 - Application Forms

If you are satisfied with the proposal application forms, they will be sent via email, fax or mail along with a checklist of support documents required.

Sections with unknown details will be highlighted for the client to complete, sign and return along with their supporting documentation. Completed applications can be sent via return mail, email or fax.

Step 4 - Lodgement

On receipt of the completed application forms and supporting documentation we will check:

a) all forms have been completed & signed correctly
b) all supporting documentation has been provided
c) all supporting documentation verifies details listed on the application If there are any discrepancies with the application or if information is missing we will contact you immediately. Once everything is in order the application will be lodged online with the relevant lender.

Step 5 - Banks processing of the application below is a brief overview of the process:

Assessment - A dedicated Credit Assessor will assess the application to ensure it fits policy, serviceability is evident and all details provide are correct and acceptable - If there are any problems or questions the Credit Assessor will either call us directly, send a fax or email with their questions or concerns - we will then make necessary comment or contact you to clarify.
Conditional Approval - This will be provided if the application is successful. The application will be conditionally approved subject to.....this can be anything from satisfactory valuation to additional support documents to Lenders Mortgage Insurance approval.
Unconditional/Formal Approval - This will be provided once the outstanding items listed on the conditional approval are satisfied/provided.
Mortgage Documentation - Documentation area will print and disburse relevant mortgage documents. Depending on the lender the delivery of the mortgage documents can range from mail to local branch deliver.
Depending on the structure of the new loan and location of the security a qualified witness may be required to sign some of the legal documents.
The client is responsible for turning around the mortgage documents in a short time otherwise delays in settlement may occur.
During the entire process you, the client, will be keep up to date with regular phone calls or emails.

Step 6 - Settlement

Purchase - The clients solicitor is responsible to contact the lender to arrange a time for settlement
Refinance - Upon receipt of the mortgage documents your new lender will fax a copy of the discharge authority and call the outgoing lender to arrange a time & date for settlement.
Increase/Top-up and New loan for existing customer & security - The loan is drawn down in a short time frame upon the lender receiving the mortgage documents - funds are disbursed into the nominated bank account listed by the client in the mortgage documents.

READ on... How the Hudson Finance Division works in with your Hudson Financial Adviser >>

Australian Financial Services Licence No. 241177

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