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Loan Process
The steps below outline how the loan process works; from the initial meeting to
signing the mortgage documents and then the final settlement.
1 - Initial Stage
We'll meet with you and make certain you're comfortable with
the concept of getting a home loan. This initial meeting will include a
run-down of our initial research i.e. how much you can borrow and the products
that may suit you.
2 - Loan Appointment
Considering your needs, we'll come up with a suitable home loan, which
will be presented to you. An application will be filled in and explained.
3 - Documentation and pre-approval/indicative approval
We will leave you a list of some simple evidence to collect, i.e.
pay-slips, and ID. We will package it all together and lodge it with the
selected lender. Once we have notification of pre-approval/indicative approval
we will notify you immediately. The lender may ask for additional information
at this stage.
4 - This is the good part
After the valuation has been completed, and if Mortgage Insurance is
required it will be approved at this stage. The lender will advise us of a full
home loan approval, and we will notify you immediately.
5 - Loan offer and mortgage docs
The lender will issue you with your 'loan offer', you need to read and sign the
documents. The document will state your interest rate, loan amounts, and the
term of the loan. The lender will also send you out your 'mortgage documents'
which will usually include standard terms and conditions, and a legal document
giving the security over the property. You will need to take out building
insurance at this time.
Please call us on 1300 850 545 if you have any queries or we can
organise a time to meet and run through the documents (as this can be
overwhelming).
6 - Settlement (the part you've waiting for)
The lender liaises with your solicitor/conveyancer, to arrange for settlement
to take place. Settlement means it's finally yours to move in, renovate,
demolish, build, and enjoy.
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