DAY 1 – 5

Following an initial inquiry Fuss Free Finance ‘source’ funds from a "Low-Doc" lender who is willing ‘in principal’ to provide you the monies you require and a written indicative offer/quotation is provided.

If we are then engaged by you to obtain actual written approval of funds we require an application, (no taxation returns are required), copy loan statements (if refinancing), a copy certificate of title/purchase contract and an application/approval fee – fully refunded if the loan is not conditionally approved.

The application/approval fee mentioned above is to obtain a written loan approval subject to satisfactory valuation and the normal ancillary matters such as satisfactory credit checks, title searches, rate & planning certificates and fire insurance etc. The fee must accompany your application but is fully refunded should the lender fail to issue the written conditional approval as per our engagement by you and within the parameters of the written quote unless otherwise accepted by you.

We then prepare and forward your application to the "Low-Doc" lender who (if the application is deemed satisfactory) then issues a conditional approval confirming amongst other things:

• Amount required - this is always qualified by stating the loan advance (first mortgage) must not exceed a certain maximum percentage of valuation
• Rate of Interest - fixed or variable, interest only or principal and interest
• Term - up to 30 years

We then provide you with a copy of the written conditional approval.

DAY 5 – 14

A request is nearly always made in the ‘loan approval’ letter by the "Low-Doc" lender for monies in order conduct a sworn valuation of the security property - usually around $300.00 for a suburban home to $500,000 but can be higher for homes of greater value or a more remote location. You must forward this requested money if you want the loan application to proceed any further. Once the lender has received this money he engages an independent valuer who will telephone you to arrange access so as to assess the value of your property.

After the valuation has been conducted you will be notified by us of the result. As previously mentioned the ‘conditional loan approval’ letter will state that ‘the advance will be in a sum of X$ or Y% of valuation, whichever is the lesser’, or words to that effect, and therefore after valuation you will then be offered the full amount as requested or the lesser sum equal to Y% of the valuation – as stated usually 80% but can be as high as 95% - conditions apply.

DAY 14 – 28

Following the above you must then instruct us as to whether you wish to proceed to mortgage documentation stage and to settle the matter.

If you do decide to proceed - a final title search is conducted and documentation is prepared and forwarded to your solicitor for checking and signing. Any current mortgagees are then contacted and a settlement date is set down and shortly after effected.

If you decide not to proceed any further - we advise the lender – however you will still be required to pay our brokerage fee in accordance with the agreements signed by you and this firm when engaging us to assist in negotiating a loan on your behalf should the loan not be proceeding through no fault of the lender – eg. You have changed your mind or the value of the security is insufficient to support the facility sought etc.

NOTE:
The above time frames should be considered approximate. Written loan approvals can often be achieved within four hours and urgent settlements have been achieved within five days of engaging our firm however some loans take far longer to settle because of many factors not the least of which can be your current mortgagee if refinancing, vendors or even borrowers themselves!