Step 1 – Loan appointment
At your loan appointment, I will help you select a suitable loan, explain all the details and work out your repayments. We will complete the loan application form together.
Step 2 – Loan application
I will professionally package your loan application with the supporting evidence and then lodge it with your chosen lender. This will most likely be done electronically. The lender will assess your application, let me know if more information is required, perform credit checks and, if necessary, arrange a valuation of your property and organise mortgage insurance.
Step 3 – Approval
Your lender should then be in a position to tell me that your loan has been unconditionally approved. I will let you know immediately. At this stage, you may also require building insurance prior to settlement proceedings.
Step 4 – Loan offer
Your lender will send you a loan offer for you to sign and return. The loan offer is your loan contract and outlines the terms and conditions of the loan, including the interest rate, term of the loan and any applicable fees and charges. If you have any questions about any of the documents, I will help you.
Step 5 – Mortgage documents
Your lender will send you (or your conveyancer) your mortgage documents to be signed and returned. These documents include the lender’s standard terms and conditions as well as the legal document giving the lender security over the property.
Step 6 – Settlement
Your lender will liaise with your conveyancer to arrange for settlement to take place. Ownership of the property will transfer to you. Congratulations on owning your new home!