Understanding the home loan application process

When you're ready to buy a home, there are a few steps you’ll need to follow to get you from ready to apply to owning your home:

1. Getting ready: Gather all the necessary documents

2. Submit application: Apply online, over the phone or contact your mortgage broker. If you apply online, you can pick up your application where you left off anytime by securely logging in. Please note, you’re unable to apply for a home loan or refinance from one of our branches. 

3. Review application: We’ll review your application and call you, generally 1-2 business days after submission. If you’d like to make an update to your home loan application, simply let us know during this call. 

4. Valuation: The bank will organise a valuation on the property. Depending on the type of valuation, this can take up to 5 days. Some long-form valuations can take longer. If your bank valuation is less than your purchase price, then you may need extra savings or equity to reduce your reliance on the value of the new property. It’s best to discuss the additional costs and impacts with your Banking specialist or broker. 

5. Approval and DocuSign: Once your home loan is approved, you’ll need to sign the loan documents. We’ll send you an email with access to DocuSign, a secure online portal that allows you to view and accept your loan offer documentation digitally. You'll get a secure authentication code by SMS to the mobile number you provided on your loan application to access your documents. When completed, your loan documents will automatically be returned to our solicitors so we can prepare for settlement 

6. Settlement: Make sure you have enough money in your Macquarie offset or transaction account for settlement if you have nominated a Macquarie account. You can also transfer up to $100,000 online and in the app, or you can complete a withdrawal form for amounts over $100,000 and we’ll do it for you.

   You will be charged a $350 documentation fee in relation to preparing your loan documents and arranging settlement. For more detail on charges, please refer to your loan offer and settlement authority. 

7. Open your account: You’ll get an email confirmation when your home loan account is open and ready to use.

Your application may be unsuccessful if your circumstances don’t meet the acceptance criteria or regulatory conditions for the product, or if we don’t receive all the required documentation. If your application was submitted by a broker, please refer to your broker for more information. If you submitted your application with Macquarie directly, call us on 13 62 27, 8am to 6pm (Sydney time) Monday to Friday.

How long your application takes depends on how quickly we can verify your identity, assess your application, and transfer security. In most cases, we can provide pre-approval within one business day if your application qualifies. Once you find a property and provide us with all required documentation, we work quickly to get you unconditional approval.

There are several factors that can impact overall time including: 

• Timely valuation – Your Banking specialist will advise on the type of valuation required once you have provided a signed contract of sale. Where a walk-through valuation is required, our panel valuers will require between 3 to 10 working days. Rural properties may require additional time
• Supporting documents – While we try to get all your documents upfront, we may require additional information or documents following an initial review. The faster you return these documents, the faster we can process your application
• Identification – Each state has stringent identification guidelines that must be met prior to registration of your new mortgage. For more information, visit your state’s Land Titles Office website
• Settlement agents - It's important for any third party representing you, such as your conveyancer, to be prepared for your settlement date.

During your application, please communicate any changes to your settlement timeframes with your Banking specialist as soon as possible.

If you applied through a broker, your broker is the best person to assist you with your First Home Owner Grant application.

If you applied directly with us, your banking specialist will be able to assist you with your application.