The home loan application process

August 08, 2016
Dora Platakis

1. Appointment with a Mortgage Choice Broker

We’ll meet with you to understand your financial and lifestyle goals. We then search through hundreds of home loans to find the one that’s right for you. Your mortgage broker will calculate your borrowing power and work out what your estimated monthly repayments will be. We’re also there to answer any questions you might have along the way.
This initial meeting process takes about an hour

2. Applying for the home loan

Once we’ve helped you choose the loan that’s right for you, we’ll help you prepare the application and guide you through the whole process.
We can work through the application process is 24-48 hours.

3. Conditional approval

The lender you have chosen will provide you with conditional approval while they organise the property valuations and conduct a credit check. We stay in touch with you and the lender to make sure everyone is informed at each step of the application.
This approval by the lender usually takes 2-3 business days to take place.

4. Unconditional (full) approval

Unconditional approval is the formal acknowledgement that you home loan has been approved by the lender.
This normally takes 4-7 business days for the banks to review and finalise your application.

5. Managing your finances

Because your loan is both a significant financial commitment and a strong financial foundation, we believe you should have access to the right financial advice. We’ll cover the cost of a discussion with our financial adviser to help you manage your money through this major change, work out a plan for the future and help protect what you’re building along the way.
This consulting process is built into the home loan application process and the meeting with a financial adviser can happen at a time and place convenient to you and your schedule.

6. Your paperwork arrives

Once the bank has finalised your loan, they’ll send through all of your loan documents. We organise a time to meet and help you complete all the documentation.
It will generally take 5-10 days for you to receive the documents and for us to organise a convenient time to sit with your and complete them.

7. Settling your loan

If you’re purchasing a property, your solicitor or conveyancer will organise settlement directly with the lender, according to the settlement date on the contract of sale. If you’re refinancing your existing home loan, the lenders will liaise directly to exchange all of the documents.
Home loan settlement can take anywhere between 4-14 business days and is generally negotiated as part of the contract of sale. Different length periods can be organised depending on yours and the seller’s needs.

8. Keeping in touch

Our service doesn’t end once your home loan settles. We will stay in touch to make sure your home loan is the right solution for you needs now and in the future.

The total home loan process can take anywhere between 19 and 46 business days. Working with a Mortgage Choice mortgage broker simplifies the process as our home loan experts guide you through the application and approval stages and removes the stress from buying your home.

If you have specific time constraints or needs when buying your property, your mortgage broker and lawyer/conveyancer will help negotiate longer of shorter times for settlement and work with your lender to meet your needs.

If you have any questions about the home loan application process, contact me today on: M: 0413 636 645


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