If you're applying for your first home loan, you might be wondering what process your application goes through before it's given the green light.
Each request will go through a similar process, so we've put together this handy guide to help you understand what to expect.
Find a mortgage product that's right for you
The first step is to find a home loan that's suitable for your needs. With so many types of first home buyer loan available, it's a good idea to talk this through with an expert to make the right decision.
Put forward your application
Once you've decided which mortgage you're applying for, it's time to submit your application. This means having all your documents in order, including details of your income, monthly expenses and anything else your lender might request to see.
This is when your potential lender will look over all the information you've provided and determine whether you're likely to be able to meet the repayments without defaulting.
Providing a home loan offer
Your lender will then get in touch to let you know whether your application has been approved. This will be sent out to you and has to be signed and returned for the contract to be binding.
Make sure you read all the terms and conditions and understand them fully before making the commitment. Your mortgage advisor will be able to help if necessary.
Receiving mortgage documents
Once everything has been finalised, you should receive all your mortgage documents. This will provide you will all the specifics of your home loan, as well as detailed information about your lender.
Settling the home loan
This is the stage where the property is officially transferred to your ownership. First the loan will get drawn down and then the property is all yours, leaving you to arrange the move!
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we'll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.