FAQs about our application process

Here you'll find answers to questions about applying for a home loan and finding the home loan that's right for you. If you want to talk to a St.George home loan expert, call us on 13 33 30.

1.  What documents will I need to provide to apply for a home loan?

   Basic requirements include proof of income (for example, salary statements, rent received, etc.) and evidence of savings. Self-employed and company applicants need to provide copies of recent tax returns and financial statements. Copies of the Contract of Sale or Building Contracts for new homes are required. You can also use our document checklist of what you will need to apply.
   
   If you're self-employed or own your own business, you can apply for a Low Doc Loan or a Low Doc Portfolio Loan with simplified financial documents.

2.  How do I apply for a home loan?

   It's easy to apply for a home loan.
   
   You can apply online. Completing the application is quick and easy and should take you less than 15 minutes. Once you submit your application, you will receive an immediate acknowledgement that it has been received, along with an estimated repayment amount and next steps to gaining full approval. To save time and provide even more convenience, one of our Home Loan experts will contact you at a time of your choosing (between 8am & 10pm, 7 days a week, EST) to verify your information, discuss your loan needs and progress your application.
   
   You can enquire online and a St.George home loan expert will call you at a time you choose to start the process.
   
   You can drop by any St.George branch or call us on 13 33 30. You can also use our document checklist to find out what you need to apply.

3.  What happens after I have applied?

   We will confirm the information you have provided to us to make sure that we won't over-commit you financially. When everything is approved we will provide you with a Loan Offer that outlines the terms and conditions of your loan. We ask you to sign a copy of the Offer and send it back to us. We will then work with you and your Solicitor to make sure that everything is completed in time for settlement.

4.  If I apply online, what happens after I submit my application?

   Once you submit your application, you will receive an immediate acknowledgement that it has been received, along with an estimated repayment amount and next steps to gaining full approval. To save time and provide even more convenience, one of our Home Loan experts will contact you at a time of your choosing (between 8am & 10pm, 7 days a week, EST) to verify your information, discuss your loan needs and progress your application.

5.  How does the home loan application and approval process work?

   You will complete your application and submit it with the necessary documentation. After we confirm your borrowing capacity, we will issue a an approval in principle to say we will provide the loan to you subject to certain conditions being fulfilled (such as the receipt of a satisfactory property valuation or some details being confirmed).
   
   After these details are finalised, we can formally approve your loan, and issue you with a Loan Offer and your Mortgage documents. We then liaise with you and your legal representative to make sure all conditions of the loan approval are satisfied.

6.  If I apply online, will I get immediate approval in principle once I submit my application?

   No. Once you submit your application, you will receive an immediate acknowledgement that it has been received, along with an estimated repayment amount and next steps to gaining full approval. To save time and provide even more convenience, one of our Home Loan experts will contact you at a time of your choosing (between 8am & 10pm, 7 days a week, EST) to verify your information, discuss your loan needs and progress your application.

7.  If I apply online will I still need to submit documentation? If so, how does this process work?

   Yes. Your St.George home loan expert will advise you what documentation is required and provide you with a fax number, or email address, to send it to. Once they receive all relevant documentation, they will contact you to progress your application.

8.  Can I apply online before I have purchased a property?

   Yes. You can still apply online even if you have not yet found a property. When completing the online application, you can enter an estimated purchase price, area you are looking to buy and/or estimated rental income if you wish however you may proceed with the application regardless.

9.  How can I check the status of my online application after it has been submitted?

   Once you submit your application, you will receive an immediate acknowledgement that it has been received, along with an estimated repayment amount and next steps to gaining full approval. Each applicant that has entered an email address will also receive this confirmation via email.
   
   In addition, each applicant that has entered a mobile number and/or an email address when completing the online application, will receive an automatic notification via SMS and/or email when:

   • your application is approved
   • your loan documentation has been sent to you
   • you have returned your loan documentation and it has been received by the lender
   • your title has been certified
   • your loan has been settled

   If you have any queries, or would like to know the status of your application prior to its approval, please call our home loan experts on 1300 301 883 - 8:00am to 8:00pm (EST), Monday to Saturday.
   
   Lastly, once your loan has been approved, you can check the status of your application at any time via Internet Banking.

10.  Can I apply for any type of loan online?

    At this stage you can apply for the following loan types:

    • Standard Variable Loan
    • Basic Variable Loan
    • Fixed Rate Loan
    • Portfolio Loan
    • 1 Year Introductory Variable Loan
    • 1 Year introductory Fixed Loan
    • Low Doc Variable Loan
    • Low Doc Fixed Loan
    • Low Doc Portfolio Loan

11.  Will the bank require a property valuation?

    This depends on a number of variables and is not required in all cases. If we do need to get one, we will take care of it for you.

12.  Will I need Lender's Mortgage Insurance and what does this cover?

    There are a number of variables that influence whether you'll need Lender's Mortgage Insurance, or LMI, and it is not necessary in all circumstances. Generally it is required if you are borrowing more than a specific value of the property (normally when you are borrowing more than 80%), however this condition varies depending on property type, location of the property, loan type, etc.
    
    Lender's Mortgage Insurance protects the Bank against loss in the event that you default on the loan. In the case of a mortgagee exercising power of sale, if the property is subsequently sold at a price that does not cover the loan in full, this insurance will cover the debt owed to the Bank.

13.  Why does the bank require a survey certificate?

    The survey certificate tells us if the place you are buying (or building) is wholly within your property boundaries and if anyone else's house (or fencing, etc.) is encroaching on your property. If there are any encroachment issues, it is best to find out before settlement rather than try to fix them afterwards. If you are building a new home, the survey certificate tells us where on your land the house will be built.

14.  On a Construction Loan, when can the first progress payment be released?

    The first progress payment can be released after we receive a signed copy of the Building Contract, copies of the Council-approved Plans and Specifications, a copy of a survey (NSW only) and a signed request from you to release the funds. Learn more about our Building Loan.
    
    We can also release funds for land settlement if this is required.

15.  When do I need to give the solicitor my funds?

    If you haven't taken out a Deposit Bond, your Solicitor will usually need your funds to pay the deposit on your new home. This could be at the time of signing the Contract of Sale. The Solicitor may also require your money to pay the Stamp Duty on your new purchase.
    
    This is required a few days before settlement. The difference between the amount you borrow and the purchase price will need to be paid to your Solicitor in time for the funds to clear so that they can have cheques made out in favour of the seller at settlement.
    
    You can learn more about choosing a Legal Professional or see a contact list of professionals.

16.  How long will it take for the Bank to approve my loan?

    We know this is an important part of the process for you so we try to approve all of our applications as quickly as possible. In some instances, you may get a an approval in principle. We generally take 24 – 48 hours to give you an answer once all required documentation has been provided.

17.  How long before I will receive my loan funds?

    Timing does vary depending on circumstances. If you are refinancing from another lender to St.George, we will have your loan switched over to St.George as quickly as the other lender can release the security documents.
    
    If you are buying a new home, then once all checks on the security property are completed we can arrange to release the money. On average it takes about 4 – 6 weeks; however for properties in Queensland it can be much faster due to different legal requirements.

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