Preparing to settle on your Unloan home loan can be exciting, yet daunting. We’re here to help guide you and make it simple with Unloan.
How do I check the status of my settlement?
Once your application has been approved, you will be contacted by our lending team to sign the necessary documents. Once that has been completed, our lending team will confirm your settlement date.
If your settlement is scheduled for today, you should have received an email advising this. To check the status of your settlement, log into app.unloan.com.au.
If you have applied with a co-borrower, please ensure each individual borrower logs into the Unloan home loan application with their nominated email address to sign the electronic mortgage form.
Is a witness required when signing my documents?
A witness is not required when completing an electronic e-sign document, including the National Mortgage Form in Queensland.
A witness is only required when completing a paper document. They must:
Be over the age of 18.
Not a party to the mortgage
Be able to identify you
Verify that you signed the documents voluntarily
Verify that you understand the terms of the mortgage
A witness can be:
Family (excluding those on the mortgage)
Friend
Neighbour
Lawyer
Notary Public
What documents are required?
You will be required to upload a discharge form from your existing lender, and a copy of your building insurance. Learn more about completing these documents here.
Do I still need to make repayments to my existing lender?
You are still required to make loan repayments to your existing lender until your loan has refinanced with Unloan. This means your regular loan repayments will need to continue, unless there is a specific arrangement or agreement in place – for eg: a mortgage holiday or a deferred payment plan.
You should consult with your lender to understand specific repayment obligations as failure to make your loan repayments as scheduled may result in penalties, fees, and impact your credit score.
What is a settlement shortfall?
A settlement shortfall occurs when the total loan amount approved with Unloan, is insufficient to cover the payout figure quoted by your existing lender. The payout figure quoted by your existing lender will include their fees, charges and accrued interest.
If you have transferred more than the required settlement shortfall amount, the excess funds will be available in your Unloan redraw facility.
What do I do if there’s a shortfall?
If the shortfall is below $10,000:
We will ask you to transfer the shortfall to a suspense account by noon (AEST) to ensure we can receive the funds quickly and for the settlement to proceed as scheduled.
If the shortfall is above $10,000:
Our team will provide instructions on how to resolve the shortfall.
Learn more about shortfalls.
My loan has settled! Now what?
Congratulations on your Unloan home loan! Our team will contact you with a breakdown of your settlement funds – keep an eye out for a ‘Settlement Completion’ email! If you have any questions on the payout figure, please contact your previous lender.
Within 24 hours, you’ll be able to log into app.unloan.com.au to access any available funds in your redraw facility.
Learn more about life with your Unloan here.