Once your customer returns the loan documents, the panel solicitor will receive a notification of the completed DocuSign envelope and they’ll:
Post-review, the panel solicitor will advise you via email if there are any outstanding requirements or if the file is ready for settlement booking.
The panel solicitor’s contact details can be found on the formal approval letter, on Broker Portal and on the cover sheet of the loan documentation pack.
The document is available to download for 90 days post signing.
Property Exchange Australia (PEXA) is an authorised electronic lodgement network operator (ELNO) providing a platform for transacting parties to manage the exchange of property settlements electronically.
Where paper settlement is required, the panel solicitor will communicate directly with the borrower’s solicitor for settlement requirements.
Settlement date can only be confirmed once all conditions have been met, and our panel solicitors have liaised with all relevant stakeholders. Any supporting documents will need to be emailed to our panel solicitors.
A debt consolidation settlement condition requires another debt facility (e.g. credit card, HECS, personal or home loan) to be paid out as part of the settlement.
To alter or waive a settlement condition, you’ll need to contact our panel solicitors. They’ll organise for this request to be reviewed by our Credit Team and provide a response.
You’ll need to contact the panel solicitor to confirm there are no outstanding settlement conditions.
Where the funds to complete are coming from, will determine the process. If your customer is using funds from:
Settlement can’t proceed without sufficient funds available to complete. Your customer will need to ensure there are sufficient available funds in the nominated account(s) prior to the day of settlement.
Your customer’s financial contribution must be made at land settlement as we retain the full amount of the building contract for construction of the property.
You’ll need to let us know on the Settlement Authority document, in the loan documents, how we should action any shortfalls or surplus funds.
If your customer wishes to nominate their Macquarie Bank account for any shortfalls on day of settlement, they’ll need to complete the Authority to Debit section in the Settlement Authority document.
You’ll need to ensure your customer has sufficient funds in the nominated account for settlement day.
If your customer is expecting surplus funds, ensure the Surplus Funds section of the Settlement Authority document is completed, and an account is nominated for remaining funds.
If no account is nominated, we’ll automatically deposit the funds into one of the variable home loan accounts at settlement.
When all settlement conditions have been met, a settlement date will be agreed on.
Once the date has been agreed on by all stakeholders and it’s been booked, you’ll receive confirmation from our panel solicitors confirming the date.
To change the settlement date, you’ll need to discuss with our panel solicitors. They’ll liaise with the relevant stakeholders and do their best to meet this request. They’ll confirm if the settlement can be changed.
The panel solicitors will email you directly if settlement is delayed. Typically, they’ll provide a revised date in the email. If you have any questions related to the delay, contact your panel solicitor.
Formal approval is valid for up to 90 days. If you believe the new settlement day may occur outside of the 90 day window, you can request to extend the formal approval.
To check when formal approval was provided for your customer, we sent an email to you when this occurred. Alternatively, you can check Broker Portal. We’ll also send a back channel message when the application is 14 and 7 days away from expiring.
On the day of settlement, our panel solicitor will attend settlement either in a PEXA workspace or a paper settlement. They’ll also manage the disbursement of loan funds from Macquarie Bank and your customer’s own funds in the instance of any shortfall (where authority to debit has been provided).
Final figures will be obtained:
Once settlement is completed, the panel solicitor will attend to repayments of any debt facilities that were outlined in the settlement conditions (if applicable). Any remaining surplus funds will then be disbursed according to your customer's instructions on the Settlement Authority document.
To ensure you and your customer are informed of the successful settlement, our panel solicitor will:
For construction loans, a copy of the builder’s commencement letter will be attached to the settlement confirmation emails.
Once your customer’s home loan settles, your customer will receive a confirmation document outlining their loan details. To receive a copy, you’ll need to request your customer to send this to you.
Once the home loan facility has settled, loan details including when the first repayment is due, is available to you and your team on our Broker Portal.
Once settlement has been successfully completed, it’s important to check your customer has their home loan set up correctly.
Tip: Read and share our Personal Help Centre article with your customer to help them get started with their home loan.
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