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CommBank Elite |
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CommBank Essential |
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Stage |
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Simple |
Complex |
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Simple |
Complex |
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Pre-Assessment |
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1 day |
1 day |
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1 day |
1 day |
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Credit Assessment* |
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3 days |
3 days |
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3 days |
3 days |
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Document Preparation |
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2 days |
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2 days |
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Certifications |
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1 day |
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1 day |
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FHOGS |
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2 days |
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2 days |
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Progress Payments |
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2 days |
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2 days |
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Fundings |
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1 day |
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1 day |
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*Note: Please add 3 days for assessment of Homeseeker applications
Applications meeting minimum CommBank standards are being processed within the above time frames. The information is a guideline for expected time to assessment as at date of publication. |
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Term |
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Definition |
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Simple |
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PAYG, <=$2M |
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Complex |
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LMI, >80% LVR, Company & Trust, Multiple Entities, $>$2m |
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Day |
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1 full business day |
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Pre-Assessment |
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Assessment of application to confirm minimum requirements have been met, exceptions will be sent for missing supporting documents |
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Credit Assessment |
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Full credit assessment of application for decision |
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Document Preparation |
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Preparation of Loan Documents ready to be mailed or uploaded to Simply Print |
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Certifications |
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Certification of returned signed Loan Documents. The process of certifying and insuring all signed documents and securities are in order prior to funding or a settlement of a loan. |
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FHOGs |
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Process FHOGs applications for the relevant State Offices of State Revenue across the relevant states where applicable. |
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Progress Payments |
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Progressive drawdowns of building loans at different stages of construction of a dwelling. |
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Fundings |
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Internal drawdown of loans that do not require attendance of a physical settlement. |
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Applications meeting minimum CommBank standards are being processed within the following time frames. The information is a guideline for expected time to assessment as at date of publication. Some applications may be assessed +/- 1 business dayApplications meeting minimum CommBank standards are being processed within the following time frames. The information is a guideline for expected time to assessment as at date of publication. Some applications may be assessed +/- 1 business day