This is our opportunity to meet with you and discuss your purchase and help
you to understand all the factors involved. Ask lots of questions. It
is a good idea to jot down anything you are unsure of so that we can go over
these things in detail. We will also discuss different lenders and loan
products available. Form here we can determine the most appropriate lender
and product and move on to step 2.
- Loan application process
Your broker will gather all the relevant information to support your loan
application (e.g., payslips, credit card statements etc) and complete the necessary
paperwork. We will also complete the first home owners grant application
with you. The application will then be lodged with the lender.
- Conditional approval
The lender will communicate with us once they receive the application. The
approval at this time will be conditional. That means the lender will
have certain conditions which must be met before the loan can proceed. Typically
this will be the satisfactory valuation of the property.
The lender will arrange for an independent valuer to visit the property and
submit a valuation report based of their assessment of the property. To
ensure a quick turnaround time it is important the valuer can gain access to
the property - usually via the real estate agent.
- Unconditional approval
The unconditional approval is issued by the lender when they are satisfied
with all aspects of the loan application and have obtained a satisfactory valuation
from the valuer. This is your green light on the road to home ownership.
- Mortgage documents
The lender will now instruct their solicitor to draw up the loan documentation
and forward to you or your solicitor for signing. You need to review
these documents and as a first home buyer it is wise to do this via your solicitor. Once
satisfied, sign and return the documents to the lender.
After the lender receives the signed documents from you, they will book a
settlement date with your solicitor.
The final step - pop the champagne bottle and congratulations - you
are a home owner! It is a great feeling and one we would be proud to
help you achieve.
Until next time...