Once an application is lodged it moves through a set sequence before settlement. Each stage has a typical timeframe; lender service levels vary and can stretch during busy periods, and we chase the lender when a stage runs long. You are told at each milestone, and a question at any point is a call or a reply to any email.
| Stage | Usual time | What happens | What you need to do |
|---|---|---|---|
| 1. Credit assessment | 5 to 10 business days | The lender verifies income and expenses, checks the credit file and tests the loan against policy. | Nothing, unless we ask for a further document. |
| 2. Conditional approval | 1 to 2 business days after assessment | The lender confirms it will lend subject to conditions, most commonly a satisfactory valuation. | We tell you what is needed to move to formal approval. |
| 3. Valuation | 3 to 7 business days | A valuation of the security property is ordered, sometimes already done upfront. A result below the expected value is discussed before anything proceeds. | Access may be needed; tell us if the property is tenanted. |
| 4. Formal approval | 1 to 2 business days after conditions are met | Unconditional approval: the lender's confirmation that it will fund the loan. | We call you; loan documents are prepared from here. |
| 5. Loan documents | 2 to 5 business days after formal approval | Documents go to your solicitor or conveyancer. Most lenders need originals; NSW, Queensland and Victoria allow digital signing, WA requires print and post. | Sign and return promptly; each day of delay moves settlement. |
| 6. Settlement | Agreed date, typically 30 to 90 days from contract | Funds move, title changes hands and the new accounts open. On a refinance the old loan is paid out. | Purchases: your conveyancer coordinates. Refinances: arranged between lenders. We call you on the day. |
The settlement sheet covers the day itself and the first statement afterwards.
The tools that go with this sheet
Download this fact sheet as a PDF · The full set is at valuelending.com.au/fact-sheets, and the three longer guides at /guides.