Step A – Talk to your Broker
The first step of the application process is to talk to your Broker. Make a time and discuss all your options with broker. A good broker will listen you and take time to explain things.
At the interview, we will discuss your goals and financial situation to understand you better.
At this meeting, your broker will help you to choose the right loan for you. Also he will calculate;
- The deposit required for the purchase
- Your borrowing power
- Costs like Stamp duty, Mortgage Insurance
- Your repayments
He will also explain the potential loan structures, different options available like packages, fixed or variable loan etc. We will discuss protection of your lifestyle, your home and your income.
Step B – Complete Application & Lodgement
Once we have answered all your questions, we will proceed to the application. We will collect all the necessary documents. We will guide you through the process and recommend the right loan for you. Depending on the lender we choose, the process and the time it takes to process could differ.
We will take the leadership and liaise with your Accountant, Agent and solicitor to make it a smooth process for you. We will also order the valuation at the same time.
Step C – Pre-approval/ Conditional Approval
The Lender will grant Pre-approval or Conditional approval. Pre-approval is if you are still looking for the property and the conditional approval could be for a refinance or a purchase. The conditions can vary but the most common condition would be the Valuation.
Step D – Unconditional Approval
Formal approval by the bank. This will now proceed for documentation.
Step E – Sign Loan Documents
We will help you go through the loan documents and understand. You also can seek independent legal advice if necessary. At this stage we will revisit our discussion about protection and help you organise the same.
Step F – Settlement
Once the bank is satisfied with the signed documents and certified, the solicitor will organise the settlement. If it is a Refinance, we will keep you informed of the process until it is settled.
Step G – We won’t stop there
Our service to you won’t stop when we settle the loan. It is actually the beginning of a long term relationship. We will keep you informed of the market in general through our newsletters and RBA (Reserve Bank of Australia) announcements. We are there for you to discuss your changing requirements anytime you require.