March 09, 2015
Applying for a home loan can seem like a daunting process, especially if you’re a first home buyer. That’s why our mortgage brokers are here to guide you through the home loan process, every step of the way.
Step 1 – Meet with a mortgage broker
Your mortgage broker will need to gather as much information as possible about your financial position and property goals. Based on the information that you provide, they will then calculate how much you can borrow and search through hundreds of home loan products to find the one that suits you. Your mortgage broker will also answer any questions you may have in regards to home loans.
Step 2 – Application submitted
Once a suitable loan product has been selected, your mortgage broker will prepare your application by gathering all of your paperwork (such as payslips, bank statements etc.) and submitting your application to the lender.
Step 3 – Conditional approval
Once the lender receives your application, they will usually provide a conditional approval. This means that your loan is approved subject to verification of further information, such as a property valuation or additional documentation. Your mortgage broker may contact you to request additional information, and will liase with the bank on your behalf.
Step 4 – Unconditional approval
When the lender has received all of the additional documentation, they will complete an assessment and provide an unconditional (or formal) approval of your loan application. Your broker will contact you to let you know when your loan is formally approved – this is great news!
Step 5 – Acceptance of loan offer
Once your loan is approved, the bank will send out your loan offer documents. In order to accept the loan offer, you will need to sign and return these documents to the bank. Your mortgage broker will meet with you to go through and explain the documents, and assist you with completing these.
Step 6 – Settlement day
This is where the lender transfers the funds to the seller. Your settlement agent/conveyancer will make a settlement booking with the bank, and will attend the settlement on your behalf. Once the settlement process is complete, you can pick up the keys and move into your new property!
Ready to apply for a home loan? Contact your local Perth mortgage broker on 9277 9888 to book your appointment today.