Financial Assessment & Application

Financial Assessment & Application

 

The process for getting the right loan for you

I have a streamlined approach to getting you a home loan. The time it takes to complete each stage will vary from customer to customer and in some instances a step might get skipped, but below is the process most of my customers go through.

 

Step 1: Initial call
When you contact me, I will be in touch with you to discuss your needs and be there throughout the journey until settlement. I will arrange a time to come and see you.

 

Step 2: Understanding your needs and position
Everyone’s situation is different. To ensure I find the right loan for you, during your meeting I will ask you a range of questions to better understand your financial position, what sort of loan you need and whether or not you’d like to apply for the First Home Owners Grant.

 

Step 3: Finding a loan that fits
By now I will have a pretty good idea on what you need. With this in mind I will review the different loan products available through our 30+ lenders, and present you with a shortlist of loan products to consider.

 

Step 4: Getting everything lined up
When you’ve agreed on which lender(s) you’d like to work with, I will complete an application form on your behalf, using the information you shared with them during your meeting. All you’ll need to do is sign it!
You’ll also be asked to supply some supporting documents to help verify your financial situation. I will confirm exactly what’s needed, but if you’re after a guide check out my documents checklist.

When everything’s lined up I will send these off to the lender for pre-approval (along with your First Home Owners Grant application if you’re applying for a grant).

 

Step 5: Pre-approval from your lender
The lender will review your application and perform a credit check. If everything stacks up, pre-approval will be granted and the lender will arrange mortgage insurance and a property valuation. It’s usually two or three days before this valuation will arrive with the lender and is subject to property access.

 

Step 6: Outstanding conditions met (if required)
If the lender requires anything further to meet their conditions, they will let us know.

 

Step 7: Unconditional approval
Once all conditions have been met by the lender they will provide me with written approval. You can expect a call from me straight away!
Now is the time to think about arranging insurance on the property, as you’ll need this for settlement.

 

Step 8: Loan documents issued
The lender will issue you with a full set of mortgage documents, which can take up to five days to arrive.

 

Step 9: Loan documents signed and returned
If you’re happy with the terms outlined in the documents they will need to be signed by all relevant parties and returned directly to the lender within 5 days of receiving them. I can come to meet you to go through the details of the documents, so you have a full understanding.

 

Step 10: Loan settled
Your solicitor/conveyancer will now prepare the necessary paperwork which can take up to five days. When complete they will get in touch with the lender to arrange settlement.

Once the paperwork is in place you can draw down the loan and the property ownership will be transferred to you.
(Followed by popping of corks and a huge sigh of relief!)