How to get the fastest home loan approval

Steps for fast approval

We have a guide designed to help you get the fastest formal approval. 

To get a fast formal approval, the following steps are important: 

Order the valuation upfront through PropertyHub 
Order your client's CCR using Equifax's Access Seeker and check the liabilities on the application
Use NextGenID to complete verification of identity
Action your Back Channel Messages (BCM) 
Submit quality data.

Ordering upfront valuations through PropertyHub

Once accredited, you’ll be able to order upfront valuations via the PropertyHub. Ordering through PropertyHub will help speed up the time to approval. We don’t charge a fee to you or your clients for this service. However, it should be noted that our valuations service on PropertyHub is designed to be used only for applications that you intend to place with us and we expect this service to be used with accurate data and in good faith.

The PropertyHub system will select the fastest possible valuation based on the security, lending purpose and application data you enter. This includes using an accurate estimated market value and loan amount, and only completing the Do any of these apply? section where appropriate. By providing inaccurate information, your valuation will be slowed down.

How we communicate with you

Back channel messages (BCMs) are our way of keeping you up to date on the status of your client’s loan. You’ll receive BCMs from the submission stage right through to formal approval. All requests for additional information will be sent via a BCM, so it’s critical you keep an eye out for these. The sooner you send us the additional information requested, the sooner we can finalise our decision for you and your clients.  

There are two types of BCMs:

system generated , and
credit assessor or broker support generated.

Alternatively, you and your support staff can log in to Broker Portal to check the status of applications, supporting documents and notes from our credit or broker support teams.

Identification

Verification of identity can be done easily once you start an application using our digital ID solution, NextGenID within ApplyOnline. This is ideal for both face-to-face and remote interviews.

Simply:

Start your client’s application in ApplyOnline and select Macquarie as the lender.
Under the Applicant tab, select Get Started on the NextGenID tile.
Share our tailored Personal Help Centre article with your client to guide them through the process from receiving an SMS to completing the digital ID experience successfully.
If your client has previously completed a NextGenID report for Macquarie, and if all documents are still valid, you’ll be provided the option to re-use their NextGenID report.
You can keep updated by logging into their application to check the status or by updating your BCM preference to be prompted when they've started and completed the ID process.
Once completed, the Identity section and the Supporting Documents checklist in ApplyOnline will automatically update to simplify the process for you.

Submission

To help you get a fast approval, ensure you've:

order the upfront valuation,
each applicant has completed NextGenID using an ID document that matches the application,
liabilities and their details have been checked against the CCR for each applicant, and
enter your broker notes in the Comments and Objectives field in ApplyOnline. If complex, provide additional notes in another document and leave a note in the Comments and Objectives field.

If errors are found in the submission at the:  

pre-approval stage - you’ll need to edit and resubmit the application  
post formal approval stage - you’ll need to clone and resubmit the application, which starts the application process again.

A reminder that entering the incorrect information can delay an approval.

Incorrect information

Incorrect information and data are the number one reason why an application is delayed.  

What happens if?	What's the impact?	What can I do?
Client’s details entered incorrectly    When the client’s name and/or date of birth doesn’t match the identity documents submitted:    Examples:   If a client’s name appears as John George Smith on his identification, you must input John George Smith not John Smith or John SMITH.   If a client’s name appears as Ms Jane McPherson on her identification, you must input her name as Ms Jane McPherson not Ms Jane Mcpherson. It’s imperative to ensure the casing is correct.	An incorrect name and date of birth may delay the approval process  You can edit and resubmit the application prior to formal approval.   Post formal approval, you’ll need to clone and resubmit the application.	Double check your client’s details, including name and their date of birth   Review the Conditional Approval Record (CAR) once you have submitted an application.
Client’s mobile and email incorrect   Client’s mobile number and email address are entered incorrectly.   Examples:    Enter the client’s mobile number as 0400000000 not +610400000000	Delayed loan documents and settlement    The client won’t receive their electronic loan documents, delaying the issue of loan documents and settlement. The mobile number and email are required so that your client can access their loan contract.	Enter your client’s mobile and email address correctly   As clients will receive their documents electronically, it’s important to enter your client’s mobile number and email correctly.    Review the Conditional Approval Record (CAR) once you have submitted an application.
Incorrect address details  From time to time, incorrect address details are entered in the following fields:   security address details  home address details.	Application resubmission and poor client experience   Incorrect address information will require you to edit and resubmit to correct the address prior to formal approval.   Post formal approval you will be required to clone and resubmit the application, which starts the application process again.	Ensure the address entered on the application matches contract of sale or current title and loan docs    Ensure you enter the new purchase address format exactly as what’s on contract of sale or current title.   Please be aware of unit numbers and multiple street address numbers such as 44-46.

What happens if?

What's the impact?

What can I do?

Client’s details entered incorrectly   

When the client’s name and/or date of birth doesn’t match the identity documents submitted:  

 Examples:  

If a client’s name appears as John George Smith on his identification, you must input John George Smith not John Smith or John SMITH.  
If a client’s name appears as Ms Jane McPherson on her identification, you must input her name as Ms Jane McPherson not Ms Jane Mcpherson. It’s imperative to ensure the casing is correct.

An incorrect name and date of birth may delay the approval process 

You can edit and resubmit the application prior to formal approval.  

Post formal approval, you’ll need to clone and resubmit the application. 

Double check your client’s details, including name and their date of birth  

Review the Conditional Approval Record (CAR) once you have submitted an application. 

Client’s mobile and email incorrect  

Client’s mobile number and email address are entered incorrectly.  

Examples:  

 Enter the client’s mobile number as 0400000000 not +610400000000 

Delayed loan documents and settlement   

The client won’t receive their electronic loan documents, delaying the issue of loan documents and settlement. The mobile number and email are required so that your client can access their loan contract. 

Enter your client’s mobile and email address correctly  

As clients will receive their documents electronically, it’s important to enter your client’s mobile number and email correctly.   

Review the Conditional Approval Record (CAR) once you have submitted an application. 

Incorrect address details 

From time to time, incorrect address details are entered in the following fields:  

security address details 
home address details.

Application resubmission and poor client experience  

Incorrect address information will require you to edit and resubmit to correct the address prior to formal approval.  

Post formal approval you will be required to clone and resubmit the application, which starts the application process again. 

Ensure the address entered on the application matches contract of sale or current title and loan docs  

 Ensure you enter the new purchase address format exactly as what’s on contract of sale or current title.  

Please be aware of unit numbers and multiple street address numbers such as 44-46. 

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