Home Loan Process
Selecting the right loanThese days, there is such a broad range of home loan options out there in the market. So how do you select which one works best for you? As mortgage brokers, we are constantly researching what every lender is offering and after our initial consultation and finding out what your exact requirements are, we will recommend the one that best fits your requirements.
We will go through what costs are involved with the different home loan products and all government charges that may be applicable. This cost can vary depending on your situation. Our service is completely free to you as we earn our commission directly through the lenders we deal with.
Submitting your application to the lenderBefore submitting your loan application we will need some information from you, so it is always a good idea to have this information ready. The documents required can vary depending on your situation and the lender we are dealing with.Some of the required documents are:• Payslips• Letters of employment• Tax returns• Evidence of government benefits i.e. Centrelink• Statements of existing home loans/personal loans/car loans• Credit card statements• IdentificationOne of our home loan specialists will advise which exact documents will be required. These documents will be required prior to being able to submit your loan application.
Home loan approvalOnce your application is received by the lender, they will go through the process of assessing your loan and checking things such as credit, income and savings history. Valuations with most lenders are done once you have approval, however due to our relationship with certain lenders, this is something that we can arrange prior to the loan being submitted. Most lenders work on a timeframe of 48 to 72 hours to assess and pre-approve your loan. A valuation may take an additional 3-4 days. This can also be extended if the lenders mortgage insurer needs to assess the application.
Congratulations, your loan is approved!Once your application is approved by the lender we will provide you confirmation in writing. This can also be sent to your solicitor or conveyancer on your request.The lender will then send out a letter of offer to Mortgage Basics. We will then contact you to arrange a time so that we can explain these documents to you and sign them. Alternatively you can always take the documents away to read.We will also check to see if the information is correct and accurate.In the case of a refinance, we will also need to sign the discharge to release your current lenders mortgage against your property.It is always recommended that you source out building insurance to ensure that you have the adequate protection in place.
Getting ready for settlementThe letter of offer will be sent to the bank for verification.
Once verification is completed, the lender will notify your solicitor so that they can make arrangements for settlement which they normally attend on your behalf.
One of your mortgage basics brokers will contact you to inform you if there are any outstanding requirements.
In the event of a refinance, Mortgage Basics will assist in the transition of paying out the existing lender and moving over to the new lender.
SettlementOnce settlement occurs, we will then contact you and also advise your solicitor so that you can make arrangements for moving into your new home.
Post settlementAfter settlement, we will contact you to notify you when your first payment is due. We will also check to see if your direct debit, offset accounts and internet banking have been set up correctly.
We like to keep in contact to make sure that you are happy with your loan. Mortgage Basics will touch base throughout the life of the loan in the event there is something that may be a little better suited for you.