Here's how it works. It's quite straightforward really.
Step 1
Apply
Your first step is to apply and get conditional approval. You meet with and talk with our home loan specialist where we get an understanding of your needs and goals.
We’ll explain the different options available and help choose the home loan solution that suits your circumstances best. We show you how much you can borrow and what your repayments would be.
Next, we can help you with insurance cover to protect you and your home.
And lastly we help you complete the application form.
All being well, we provide conditional approval on the spot which means your loan is approved subject to verification of your information and a credit check.
How you can prepare for this step in advance
Before you call or come into NAB, bring the relevant documents (link) to the meeting with your home loan specialist. You should also start to find a solicitor or conveyancer.
Step 2
Verification
We check that we have all the required documents, that your information is correct, and that your credit check (through a reporting agency) is approved.
Step 3
Valuation of your home and/or the switch to NAB
If you’ve bought a new home, you’ll need to provide us a copy of your ‘Contract of Sale’. This is the document you sign when you agree to purchase a house. You should also provide a ‘Transfer’, if available, and the contact details of your solicitor/conveyancer. We may also complete a valuation on your home if you’re buying a new home.
If you’re refinancing an existing property, we’ll arrange a valuation.
Further tips to help you along the way
You can insure your new home with Home and Contents Insurance before you move in. We can arrange free building cover for up to 90 days to protect your home during the settlement period, if you’re eligible.* Just ask us.
Step 4
The formal approval and signing of the contract
We contact you to let you know your loan has been formally approved.
The next step is that we prepare the loan documents and have you sign the original. You are given a copy for your records and referral.
And if you’re eligible, we help you complete and submit the First Home Owner’s Grant (FHOG).
Step 5
Settlement day. Your big day!
On settlement day, we contact your solicitor/conveyancer and arrange for settlement. The property is yours. Your Real Estate Agent provides your keys and you’re in your new home at last!
* * The offer is available on approval of a NAB home loan for a residential home or residential investment property and is subject to eligibility, provisions, terms and conditions. Your National insurance consultant will confirm whether you are eligible for the offer and provide further information on the terms and conditions that apply to the offer.
