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first home buyers

Applying for a home loan

 

As we keep mentioning, where possible always get your finance pre-approved before you go searching for your house.  While this may not be critical it certainly is advisable.


If you make an offer on a house before you arrange your finance always make sure you put a clause in the offer 'subject to satisfactory finance approval', generally you should allow 5-10 days for this clause to be satisfied.  When applying for a home loan there are a number of steps that will occur, which are shown below in a chart that will take the mystery out of the process.
 

Event

Timing

Application of pre-approval completed with mortgage adviser As required
Pre-approval received from lender 72 hours
Offer made on a property As required
Conditions of approval met Borrower to provide to adviser ASAP
Is a valuation report required? As required
All conditions to lender for unconditional letter of offer As soon as possible
Letter of offer sent back to lender and documents to solicitor or bank branch for signing Adviser to send to lender immediately
Mortgage documents produced and sent to clients solicitor for signing Within 72 hours of letter of offer being sent back to lender
Borrower executes Mortgage documents As booked with solicitor
Settlement occurs and you move into house As per Sale and Purchase agreement
Ongoing mortgage review with Beyond Mortgages Anniversary of fixed rate term
 

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