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Applying for a mortgage will differ based on the lender you select and whether you go through a home loan agent. Below is a summary of the standard process from submitting the loan application to obtaining approval:
Typically, receiving pre-approval takes 48 hours, providing you have given all the required documentation. Lending institutions will evaluate your incomes & expenses, assets & liabilities, credit history, employment history during this process. Loan pre-approval is valid only for 3-months and can be extended by resubmitting the documents.
It is advised to organise a solicitor or conveyancer to help you with the home loan documentation and contract of sale.
Congratulations! once you successfully secured the property, you will need to send a copy of the signed contract of sale to your bank or lender.
You should know the settlement of your property cannot happen unless your lender obtains a Certificate of Insurance before settlement. Therefore, you need to make sure home insurance formalities are completed timely.
Your lender will arrange a property valuation with your real estate agent to ensure an adequate loan-to-value (LVR) ratio. It may take up to one week, based on the access to the property. If the valuation meets the standards, your loan will be formally approved. If the LVR is higher than 80 per cent, then Lender’s Mortgage Insurance (LMI) may be applied for but may increase the mortgage repayments.
You will require two sets of documents for evaluating and signing – the home loan contract relating to finance and the mortgage documents relating to the property’s title.
If you are eligible for available Government Grants, you can submit your application to receive the grant. For more information, you can connect with our mortgage specialists.
If required, you may need to transfer any additional savings contributions to your lender before settlement.
Great! Now you have reached the final step… signed, sealed, delivered, and finally move in!
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”