The application process

It is important to understand the application process and the steps involved.



If you haven’t already done so, make it easier to move quickly when you find the house you want and apply for conditional pre-approval. You can be pre-approved for a loan within 48 hours.

To apply for pre-approval or find out more, speak with a Home Loan Adviser, call us on 13 11 82 or visit your nearest branch. 


What do I need to apply?

We've put together a handy checklist on page 2 of our Home Loan Application Guide.

We’ll ask you about a number of things during your application including:

  • Your income
  • Your monthly expenses
  • Your assets including properties, vehicles, investments and bank accounts
  • Your financial liabilities including loans and credit cards

Remember, it’s important to bring along original or certified copies of your documents.


What is the application process?

Refer to our Home Loan Application Guide for a quick outline of the steps involved.

1. The application interview

I. Arrange a time to speak with one of our mobile Home Loan Advisors or in-branch Home Loan Specialists
II. Bring along all of your documentation
III. Our staff will then talk you through your home loan options to find the home loan that’s right for you
IV. After the interview, we’ll check your information and make sure you pass a credit check
V. If you’re applying for conditional pre-approval, we’ll provide a response within 48 hours

2. Valuation and pre-settlement

I. Once you have found the home you want, provide us with your ‘Contract of Sale’ and if you have it, the ‘Transfer of Land’ and the contact details of your solicitor/conveyancer.
II. We may then need to complete a valuation on your home
III. If you’ve previously been pre-approved, we’ll check to make sure the loan you selected is still the best one for you

3. Formal approval and exchange of contracts

I. We’ll contact you to let you know that we’ve formally approved your loan and arrange a time for you to sign the loan documents
II. If you’re eligible for the First Home Owner Grant, we’ll help you apply
III. You and the seller will then each sign a copy of the Contract of Sale and your solicitor/conveyancer will contact us to arrange the settlement date
IV. If applicable, the cooling off period applies during this time (depending on your state’s laws)
V. While you are waiting for settlement, you may want to look at ways to protect your new home – we offer several insurance options including; home & contents insurance, life insurance and mortgage repayment insurance
VI. Plus, if you take out home & contents insurance with us, you can have up to 90 days pre-settlement insurance. Ask our staff for more information – phone 13 11 82 or visit your nearest branch

4. Settlement

I. On the pre-arranged settlement date we’ll meet with the seller, complete the house purchase and notify you when the loan documents are ready to be finalised
II. Your solicitor/conveyancer will tell you if the settlement has been successful and when you can collect the keys.
III. It is important to be aware that you will be charged the following fees at settlement:

  • Legal fees
  • Utility adjustments (water and rates)
  • Mortgage Stamp Duty (if applicable)
  • Registration charges

5. Moving in and protecting your asset

I. Congratulations on buying your home – it’s time to celebrate!
II. Be sure to keep some money aside for miscellaneous expenses such as:

  • Removalists/moving van hire
  • Bonds for utilities connection
  • First food shop
  • First home loan repayment (especially if you have agreed to pay weekly/fortnightly)

III. Make sure you update your contact details, especially for your driver’s license, Medicare and the tax office (and of course your family and friends)
IV. You’ll also need to arrange connection of:

  • Gas and electricity
  • Water
  • Internet and phone
  • Pay TV

V. Lastly, if you haven’t already, you may want to consider ways to protect yourself and your new asset. People’s Choice Credit Union offer a range of insurance cover for:


203x81-Calculators 203x81-Compare-Home-Loans_0 203x81-Get-started

Copyright © 2019 People's Choice Credit Union, a trading name of Australian Central Credit Union Ltd
ABN 11 087 651 125    Australian Financial Services Licence (244310) and Australian Credit Licence (244310)    BSB 805-050