March 20, 2017
At Mortgage Choice Rockingham we like to keep the process simple and transparent. This way you know what to expect and are kept up to date throughout the process and beyond.
- First Step – Meeting with your local Mortgage Choice Mortgage Broker – 1 hour
The first step after initial contact is to set up a meeting with our local Mortgage Choice Mortgage Broker Tara Williams.
I will meet you at a place and time that is convenient to you. As a mobile broker this means that I come to you, either at home, at your office or at a coffee shop if that’s more convenient.
I can work outside of normal business hours so if you need me to come out in the evening or a Saturday then I can usually accommodate.
This meeting will usually take around an hour where we will get to know each other. I will gather information about you and your financial situation, what your financial and lifestyle goals are both short term and long term and what you are looking to do with your finances.
At this appointment we can work out your borrowing power and narrow down the hundreds of home loans to find one that is right for you. I am there to answer your questions and help you through the home loan process.
- Preparing your application – 1-2 working days
After I leave you the work doesn’t stop. Once I’ve helped you chose a loan and lender that’s right for you I will prepare your loan application, give you a list of supporting documents to provide me with to get ready to submit to the lender.
This process generally takes 1-2 business days and involves meeting the lenders compliance regulations and putting together your full application to submit. Once you have signed the Mortgage Choice Preliminary Assessment and the Lenders Loan Application and I have all of your supporting documents together I can then submit your application to the lender.
- Once your application goes to the lender - 3-5 working days
The next step in the process is obtaining conditional approval, generally it takes around 3-5 working days to receive a conditional approval from the lenders. I will keep you updated throughout this process and if they request any more information I will advise you straight away so we don’t hold up your loan application.
The lender will do credit checks during this time and it is usually at this point a valuation is ordered.
- Unconditional approval – 5-8 working days
After all your loan supporting documents are checked and confirmed by the lenders assessment team, valuations are complete and credit checks are complete if you are successful you will receive Unconditional Approval.
Unconditional Approval is formal acknowledgement that your home loan application has been approved and usually takes 5-8 working days from conditional approval.
- Financial Support
This is an important stage and something I recommend everyone does.
At this stage of your application our Financial Adviser will be in touch to organise a time to help you work out a plan for now and in the future. This includes Wealth Management & Creation, Protecting your income, Superannuation and Retirement Planning.
- Loan Documents – 5-10 working days
Your loan documents will arrive, at this time we can organise another time to catch up and go through everything and answer any questions you may have.
- Settlement – 5-15 working days
Once we have sent your loan documents back to the lender they will verify everything is correct and get ready for settlement.
During this time, if you are purchasing a property, your solicitor/conveyancer will organise settlement with the lender and any other related parties. If you are refinancing the lenders will liase with each other and organise settlement and exchange of documents.
- Keeping in touch
Once you loan settles I will be in touch to advise this has happened, you may have already heard from your settlement agent if you are purchasing a property but none the less I will still be in touch.
After your loan is settled I will endeavour to keep in touch, I will send regular emails and will always be available if you have any questions or need any help in the future.