Get the right information and advise for your home loans

Loan Process

Learn about the process involved in investment loans.

1 Initial Interview 

This is the first meeting with the client to seek their goals, requirements and purpose for the loan. From the information provided by the clients, PJ Home Loans will discuss the options with the client and find a suitable lender to meet their needs.

2 Estimated Timeframe of lodgement 

Your loan application will be lodged with the lender within 24 hours of receiving of ALL required supporting documents and application forms as requested.

3 Conditional Approval

Estimated Timeframe 2-3 days.

Since we lodge on your behalf, the lender will send PJ Homeloans a conditional approval letter once it has been conditionally approved.  Upon conditional approval, property valuation(s) will be ordered by the lender (if required).

4 Valuation Reports

Estimated Timeframe 3 days.

Valuation report(s) will be received by the lender within 3 days of request. (subject to property access).

5 Unconditional (full) Approval

Estimated Timeframe 2 days.

We will receive unconditional approval from the lender within 2 days from receipt of their satisfactory valuation(s). We will then contact you to confirm the unconditional approval.

6 Mortgage Documents

Estimated Timeframe 5-10 days.

The lender will send a copy of the mortgage documents to you or the nominated party within 5 days of unconditional approval. You will receive instructions on how to handle the documents.

7 Loan Settlement

Estimated Timeframe 2-10 days.

Purchasing a property

Between 2-3 days after you have returned your mortgage documents your solicitor/conveyancer will contact the lender to book settlement.


Between 2-3 days after you have returned your mortgage documents the lender will liaise directly with your existing lender (if different) to arrange your property refinance.

8 Congratulations

Congratulations! Settlement has been booked and your loan is in place.

*Please note, time frames are subject to variation based upon the lender selected, the valuer commissioned and/or the complexity of the loan application.

FAQ for Investment loans

See the most frequently asked questions about investment loans.

How much deposit do you I need?

The deposit required depends on the type of loan facility you choose. A deposit for a home is usually between 5% – 10% of the purchase price or valuation (whichever is the lesser) of the property, which you pay when signing a Contract of Sale.

How often do I make home loan repayments – weekly, fortnightly or monthly?

Most lenders offer flexible repayment options to suit your needs. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and duration off your loan.

How do I choose the loan that’s right for me?

New home loan products are emerging rapidly in the market. Mortgage Consultants at PJ Home Loans can help you find a loan and professionally package it so that it suits your particular needs.

How long does settlement take?

The length of time between exchange of contracts and settlement varies. It normally ranges from four to six weeks. Settlement time is normally dictated by the seller and the lender, but is negotiated with the buyer.

What fees/costs should I budget for?

There are a number of fees involved when buying a property.  To avoid any surprises, the list below sets out all of the usual costs:

  • Stamp Duty – Stamp duty is a government tax that is levied on the purchase price of your property. Stamp duty rates vary between state and territory governments and also depend on the value of your property.
  • Mortgage Insurance costs – You need to pay Lender Mortgage Insurance, only if you borrow more than 80% of the purchase price of the property.
  • Lender costs – This cost is based on the lenders you choose for your home loan. Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. Our mortgage consultant can help you to select the right lender and home loan product based on your needs.
  • Conveyancing/Legal fees – Conveyancing is the legal process by which ownership of real estate is transferred from one person to another. These fees cover all the legal rigour around your property purchase.
  • Ongoing costs – You will need to include council and water rates along with regular loan repayments. We advise to consider taking building insurance and contents insurance which will protect you if the worst happens.
  • Building inspection – Your Contract of Sale should be subject to the building inspection, so if there are any structural problems, you have the flexibility to withdraw from the purchase without any significant financial penalties.

How is interest calculated?

Your home loan interest is calculated on the daily outstanding balance of your loan. Making extra repayments or depositing additional funds into your home loan account will reduce the interest payable significantly. Redraw facility in your home loan will help you to redraw these funds as and when you need them.
Am I eligible for the first homeowners grant?
You are eligible for the first home owners only if either you or your spouse haven’t owned a home /claimed the grant previously. For more information on the first homeowners grant visit

Document check list

What are the documents required for investment loans.

There is a list of documents required in order to process and approve your home loan. Make sure you bring the documents below to your meeting with your mortgage consultant to help fast-track your loan application. This is a general checklist, so some of the documents may not apply to you.  Our Mortgage consultant will confirm which documents you need based on your home loan type. All documents can be copies unless stated otherwise.


100 points ID is required for all types of home loans.

Identity Documetation Points
Current Passport 70
Birth Certificate 70
Citizenship Certificate 70
Drivers Licence 40
Rates Notice 35
Medicare Card 25
Rates Notice 35

Other documents that help build up 100 points include: Credit cards, ATM/Debit cards, Pensioner Concession card, Health Care card, Electricity/Gas/Telephone/Water Bills, Tertiary Student ID card, Letter from Employer etc. Consult with your mortgage consultant to see the points for each identity document.

Documents For Investors

  • If you already have investment property:
  • Evidence of income such as rental statements.
  • A copy of the tenancy lease.
  • A Council Rates Notice.
  • Copy of the Contract of Sale for the property being purchased.
  • A letter from a property manager indicating likely rent for the new property.

Additional Documents For Borrowers Seeking A Construction Loan

  • A copy of a valid builder’s fixed price tender, including all specifications.
  • A copy of Council approved plans.

Additional Documents If You Already Own A Home

  • Statements for the last six months for any existing home loans or personal loans.
  • Your most recent credit card statement.
  • Copy of the Contract of Sale for the property you’re buying.
  • Statements for the last six months to show your savings/investment history.  (This could include share certificates, savings account statements, term deposit statements, etc.).
  • If other funds are being used for the purchase, evidence showing where the funds are held.
  • If other funds are being given to you, which are not already in your bank account, you will need a Statutory Declaration from the person giving you the money.

Income Details

These documentation is based on your income status.

If you earn a wage or salary

  • The two most recent payslips from your employer (less than 60 days old)  (Ideally these will show the employer’s and employee’s name, year-to-date income figure and other income details

OR any of the following

  • The most recent Group Certificate from your employer (PAYG payment summary or Tax Return)
  • Current employment contract detailing income and salary
  • A letter from your employer outlining how long you have been employed and your income details.

If you are self employed

  • 2 most recent years Personal/Business Income Tax Returns and Notice of Assessment, no more than 24 months ld.

If your Tax Returns and Notice of Assessments are greater than 24 months old, you must still provide them along with either one of the following

  • Internal management accounts supported by Business Activity Statements (BAS) for the past 12 consecutive months verified by the Australian Tax office; or
  • Draft or final financial statements prepared by an accountant.

If you are applying for a Low Documentation Loan you will need:

  • To have been registered for GST and working in the same industry for a minimum or 12 months; and
  • Your ABN and/or Certificate of Incorporation and your BAS for the past 12 consecutive months verified by the Australian Taxation Office; and
  • To sign a Low Doc Declaration which the Bank will provide you with.

If you earn Rental Income

One of the following

  • A letter from the Managing/Real Estate Agent which confirms expected rental income
  • The Lease Agreement
  • Proof of rental income from your bank records or from Financial Statements (for self-employed applicants or companies)

If you receive Government Income (eg: Centerlink and/or Veteran Affairs)

Your latest government advise letter which shows your income/benefit (less than 90 days old)