Okay, your Tic:Toc home loan has been approved and you’re now saying “Show me the money!”
Well, even though our loan application process is practically instant, it will take a little bit longer than that for the money to change hands.
In the case of a home loan, if you know the exact property you want to buy, the money will be paid to the seller once you have signed the contract and the settlement day arrives (usually 30 to 60 days from signing).
Or if you don’t have a property in mind yet, the money will be available to you for up to 60 days and when you do find a home and make an offer, the loan amount will then be paid to the seller on settlement day. Remember, if you don’t find the home you want during that 60 days, you can contact us at Tic:Toc and ask for an extension on the loan.
In the case of refinancing, the money is transferred between loan providers (your current lender and Tic:Toc) on the settlement date, which is usually organised by conveyancers or solicitors. While it’s not compulsory to use a conveyancer to refinance in Australia, it is strongly recommended by most state governments, given how time consuming and complex the process can be.
And that’s it in a nutshell … approval – contract – settlement – payment, usually all within a 60 day period!
Home Loan Guide