Step 1: Apply

Simply complete the online application form and select:

  • the amount you want to borrow
  • whether fixed or variable interest rate
  • your favoured repayment options
  • which lenders you wish to bid on your mortgage
  • how long your auction will run (1 to 3 business days)
Apply

To speed up the process we'll organise credit reports and capital valuations for you.

Your application details can be saved at any time and used to run an auction again next time you need to refinance.

Completing an application form and running an auction does not in any way commit you to accepting a bid.

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Step 2: Auction

Running an auction is completely free.

Once your auction has started Lenders who are interested in your terms put their bids forward anonymously on your auction page.

Anonymous bidding allows Lenders to compete on a level playing field and provides you with the most competitive offer.

Auction

Lenders must disclose:

  • the total cost of interest over the term of the loan
  • up-front charges and fees

as part of any bid. This means no surprises for you when finalising your mortgage.

Each Lender can also offer two bids at once, either for the whole auction period or for a limited time.

They can also better any terms they are offering you if they wish to.
Make sure you keep an eye on your auction to see what bids are placed and how long you have to decide before accepting them.

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Step 3: Choose

Check the competitiveness of your bids by using our Decision Tools section which includes Interest Rates offered by all Lenders.

You can accept a bid at any time at which point your auction will close. If you go the full length of your auction period without accepting a bid you still have until 9am the next day to decide.

Choose

To help you out, we identify the bid that best matches the key loan components you set out in your application, but you are not obliged to accept this or any bid.

If you do accept a bid, your identity and the Lender's identity will be revealed. You can talk to the Lender to clear up anything you're unsure of and to make sure the terms you have chosen will meet your requirements.

Please note that accepting a bid does not mean you're committed to taking the loan if your circumstances change unexpectedly.

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Step 4: Sign-up

To sign-up for your loan the winning Lender deals directly with you and your lawyer. At this stage you'll need to supply the usual documentation to support your loan application.

The mortgage is only finalised when you sign the loan agreement and complete the paperwork with the Lender. This allows you plenty of time to make sure the terms are right for you.

Sign

Once you've sign the agreement, congratulations! You've just found your mortgage with Fundit.

We look forward to your next visit.

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