Angela Redmann

First Home Buyers

Buying your first home is exciting but can also be hard to know where to start. I can guide you through the process from saving for your deposit through to settlement and beyond.

Firstly and most importantly, it's never too early to get in contact with me. We can discuss your individual circumstances, talk through any challenges you might face and put strategies and a timeframe in place to work towards your goal.

To help you understand what to expect, below are the key steps in the home loan application process.

Information request

This is the first step to enable me to start my pre-assessment, calculate your borrowing capacity, determine the next steps we should take and the documents required. Information needed will include details of your employment and income, savings, assets and liabilities such as personal loans and credit cards.

Loan appointment

We will meet to discuss your financial circumstances and goals, what sort of home you are looking to buy, how much you are able to borrow and complete the identification requirements.

Pre-approval

It’s a good idea to obtain a loan pre-approval prior to signing a Contract of Sale so you have an indication from a lender of how much they are willing to lend you.

For more information see Pre-Approvals.

Loan application

I will professionally package up your loan application with the supporting documents and lodge it with your chosen lender. The lender will assess your application, letting me know if more information is required.

If applying for pre-approval, this is generally valid for 90 days to give you time to find your new home.

Formalising your loan

Once you have found your property and signed a Contract of Sale, it’s time to arrange formal approval of your loan. I will request a valuation be completed on your new property and advise you of any additional documents required by the lender to finalise this step.

Approval

Your lender will tell me when your loan has been unconditionally approved and I will let you know immediately. You may require building insurance prior to settlement.

Loan offer and mortgage documents

The loan offer and mortgage documents will be generated and I’ll arrange a time to meet with you to go through the documents, sign the mortgage and discuss the last steps to be completed to ensure a smooth settlement. Your loan contract outlines the terms and conditions of the loan. The mortgage document is the legal document giving the lender security over the property.

Settlement

Your lender will liaise with your conveyancer to arrange for settlement to take place. Ownership of the property will transfer to you. Congratulations on owning your new home!

After settlement

I’m your mortgage broker for the life of your loan, so if there’s anything that you’re unsure of, or if you need to make any changes, I’m only a call or email away. Going forward I will review your loan annually to make sure it remains competitive and continues to meet your needs.