The home loan application process

Looking to purchase or refinance but nervous about what lies ahead? Here’s a step by step guide to get you ready for your new house or loan!

 

What’s your budget?

We will meet with you to discuss your goals and asses your financial position to obtain your borrowing power. We will do some research and present you with your best options so you can choose your lender and product.

If you are yet to find your dream home but want some assurance for your upcoming loan we can apply for a pre-approval with your chosen lender.

If you are purchasing a property you will also need to find a solicitor and building/pest inspector you are comfortable with, we can recommend some locals we trust.

 

Happy Hunting!

You can start looking for that dream house and make an offer. If your offer is accepted, it’s time to sign and date a contract of sale and pay your deposit to the real estate trust account which is usually $1000 or a maximum of 10% of the purchase price depending on what agreement you come to.

In order to protect yourself if anything changes please ensure your contract is subject to the following conditions:

  • 7 days pest and building
  • 14 days for finance or 21 days for any complex loans
  • 30 days for settlement or 45 days for any complex loans

Once you have the contract signed by both parties you need to send a copy to us and your solicitor as soon as possible.

You will also need to arrange building insurance for the new property, we can help you with this!

 

Ensure you get what you want.

We will discuss your chosen lender and loan product and present you with a preliminary assessment that you will need to sign if you are happy to go ahead.

Now is also a good time to review your life insurance needs (income protection, total & permanent disability, trauma, death cover), we will be more than happy to put you in touch with our financial planners so you can make sure you are protected!

 

Time to relax and let us do the legwork for you!

Our processing team is responsible for lender submission, tracking and approval.

Our team will notify you when your application has been submitted and received by the lender. We will then provide you with updates every 2 business day to keep you in the loop so you don’t need to worry about anything. You are more than welcome to give our office a call at any time if you have any questions outside of our updates as well.

 

Going unconditional.

Your loan has been approved!! We will email both yourself and your solicitor a copy of the approval. You will then confirm in writing to your solicitor that you are satisfied with your building and pest report and you have formally approved finance. The remainder of your deposit as per your contract will need to be paid to your real estate trust account at this time.

 

Sign your life away!

You will be sent your loan offer documents shortly after formal approval. We will contact you to book an appointment to meet with your broker and run through your documents to ensure any questions you have can be explained properly. Once you are happy with the explanation of your documents our in house JP can help you to ensure the documents are signed off correctly.

We will also assist in establishing any account or internet banking that is required.

Your broker will also be in touch to discuss the remaining contribution required and where this needs to be in time for settlement. We will also be in touch with your lender and solicitor to ensure everything is in place for settlement.

Now is when you can start to arrange things such as telephone & power supply, mail redirection and contents insurance.

 

Get ready…Get settled…GO!

Your solicitors agent will attend settlement on your behalf so the only thing you will need to do is pick up keys and enjoy your new home!

 

We would love to help you achieve your dreams, give us a call today to get your application process started!

 

Here is a video you may be interested in:

https://www.youtube.com/watch?v=w1M74ZnMAHY&feature=youtu.be

Posted in: Tips

Contact us today.


Additional Comments? * :