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What are the steps in my loan settlement?
1. Sign Finance
Broking Contract - FBC and receive Approval,
2. Return Approval with all supporting
information,
3. Valuation done,
4. Unconditional approval issued
5. Mortgage Documents issued,
6. Mortgage Documents received back and
settlement arranged,
7. Settlement.
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How long will it take for my loan to settle?
If there isn't an
existing mortgage to payout, settlement can occur
within 48 hours of the lender receiving your
signed Mortgage Documents back. If there is
another mortgage to payout, the settlement date
is dependent upon that lender arranging the date.
In some cases this can delay settlement by
several days.
From our experience the greatest delays are cause
by the borrower not supplying supporting
information promptly.
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What can I do to speed up the settlement of my
loan?
If you are
constrained by time you must advise Oasis in
writing of your preferred settlement date. You
must also promptly return all supporting
information requested as well as your Mortgage
Documents.
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What can delay the settlement of my loan?
In most cases delays
are caused by the borrower not providing the
information requested. However, other reasons may
be that the valuer cannot get access to the
security property or that the existing mortgage
holder isn't ready to settle.
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Do I have to give all my details and history to
the Oasis when I apply?
It's essential that
Oasis fully understand your circumstance in order
that your loan can be approved by the lender who
best accepts your position. For example, if you
are an ex-bankrupt, there is no point in Oasis
trying to obtain approval from a lender who won't
lend to ex-bankrupts.
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What fees do I pay and when?
Application and
valuation fees are normally paid when you apply
for your loan. In some cases an acceptance fee is
paid when you accept the Loan Approval. In most
cases all other fees come out of the settlement
of your loan.
These fees can include stamp duty, legal costs,
lenders costs etc. In all cases you will be
provided with a full list of all fees prior to
settlement. The Brokerage Fee is also paid out of
the loan settlement. It is important to
understand that your loan amount is
NOT
plus fees, it is
inclusive of all fees.
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What is LMI?
LMI is Loan Mortgage
Insurance. This is a fee charged by the lender to
insure your loan against default by you. In most
cases the loan products used by Oasis Home
Loans DON'T HAVE
LMI.
Where LMI is applicable, they can and do over
ride the approval given by the lender.
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I already have a valuation on my security
property, can I use it?
No. In the majority
of cases the lender must instruct their own
valuer.
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Who organises the valuation of my security
property?
As a general rule
the lender will instruct the valuer.
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What if I disagree with the valuation?
Valuers are
independent of the lender and as such the lender
cannot influence the outcome of the valuation. If
you disagree with the valuation in most cases you
can request another valuation. Any additional
valuations are done at your cost.
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What if I don't have all the supporting documents
required?
It's essential that
you advise Oasis of anything that you cannot
provide. In some cases there may be ways around
it.
It is essential if the lender requests particular
supporting information, that you provide that
information and not what you feel is what the
lender needs. For example, if the lender says
provide Bank Statements for the past 6 months,
make sure you provide statements for the past 6
months and that no period during that time frame
is missed.
Final Approval and Mortgage documents cannot be
issued unless all requested information is
supplied, as requested.
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Do I get a copy of the valuation?
Most lenders do not
supply you a copy of the valuation.
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If I supply original documents will I get them
back?
No. It is important
that you supply legible copies of all supporting
documents.
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Will my interest rate change before settlement?
The rate may change
once your application and supporting information
has been fully checked. For example, if you
failed to disclose that you had a credit default,
the lender may increase your rate based on their
assessment of the risk of lending to you.
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If I have a problem, who do I call?
Simply call the
Oasis Customer Service number on
1800 4 OASIS
