Understanding the home loan application process

Before you apply for a home loan, make sure you have everything you need handy: 

• Current email address and mobile phone number so you can safely use your account online and in the Macquarie Mobile Banking app  
• Identity documents – some documents may need to be certified
• Proof of income, including payslips or statements 
• Existing home loan statements and contract if applicable 
• Details of any debts you currently hold, including balances, limits and monthly repayments 
• Access to your transaction history or statements – this will help you determine your monthly living expenses such as groceries, utilities and insurances
• Details of the type of home loan facility you’d like to apply for and how you’d like to tailor it. Visit Choosing which home loan is right for you.

When you have all the documents you need, there are a few steps you’ll need to follow to apply for a home loan:

1. 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. 
2. 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. 
3. Valuation: The bank will organise a valuation on the property. Valuations can be received instantly or may take up to and beyond 10 business days, depending on various factors. 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. 
4. 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 .
5. 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 if you have Macquarie Authenticator, or you can complete a withdrawal form for amounts over $100,000 and we’ll do it for you. A documentation fee will be payable at settlement for the preparation of your loan documents and arranging settlement. For more detail on charges, please refer to Understanding your home loan fees, your loan offer, and settlement authority.  
6. 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, you can contact us on 13 62 27.

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.

Some home loan documents, such as mortgage forms, need to be certified or signed by a witness.   

If the property is in New South Wales, Victoria, Western Australia, South Australia, Tasmania, or the Australian Capital Territory, the signing of home loan documents can be witnessed by: 

• anyone over the age of 18 years old; and 
• not a party to the loan; and 
• has either known the person who is signing the documents for one year, or has taken reasonable steps to confirm the identity of the person signing the documents. 

If the property is in Queensland or the Northern Territory, the signing of home loan documents can be witnessed by: 

• a justice of the peace or legal practitioner; 
• who is over 18 years old; and 
• not a party to the loan. 

If there’s more than one applicant or account holder to sign, the same person can witness the signatures of all applicants. The person must be present to witness the document(s) being signed.