Before you even start looking for a property, talk to our Mortgage Brokers to arrange a pre-approved loan.
With a pre-approved loan you will have a clear understanding of your property purchase limit and provide you a stronger negotiating position, to make a quick offer, on a property that you really like.
Talk to us, give us a call on 1300 222 667 to arrange an appointment.
One of our friendly mortgage brokers will meet with you and take the time to understand your current living expenses and financial commitment. We will search though hundreds of home loans from over 40 lenders and find the right loan to suit your needs, calculate your borrowing power and repayments, plus answer any questions about the process.
Our brokers will guide you through the process, prepare the loan paperwork and lodge the loan application.
The lender will conduct a credit check and if you are wanting to make an offer on a property the lender will organise a property valuation. Our mortgage brokers will communicate with the lender and keep you informed of your progress.
Unconditional approval is a formal notification from the lender that your loan application has been approved. Well done!
For applications where you have already found a property the lender will send the loan documentation to us and we will contact you to complete the documents.
For pre-approved loans typically at this stage, you will not have found a house yet so any reference to “property” on the documentation will be left blank. Armed with your pre-approval letter you can search and make an offer on your dream home.
So you have found the prefect property and you have signed a contract of sale.
Loan Settlement – If you have a pre-approval loan, the lender will need to complete a valuation of the property, building inspection report and pest inspection, prior to issuing a full approval.
Deposit – You will need to pay a deposit and since you won’t have access to your home loan funds, the deposit will need to come from savings or else where. Speak to our mortgage brokers about your deposit options and we may be able to arrange a deposit bond until settlement.
Conveyancer – You will need to appoint a conveyancer, a solicitor that will work directly with your lender and handle the legal legalities of transferring the property ownership. The conveyancer will lodge the contract of sale, research the property title, calculate the adjustment of rates and taxes and put your deposit in a trust account. On settlement of the property, the conveyancer will confirm the transfer of funds from your lender to the seller and that all fees and Stamp duty are paid.
Congratulations your now a proud home owner!
Associated processing times will vary from lender to lender. The total loan application process will take on average 4 – 8 weeks, with most loans settled within 45 business days. This information has been provided as general information as a guide only and should not be relied upon if entering into a contract.