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 (subject to lenders turnaround times) 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.
|Application of pre-approval completed with mortgage adviser||As required|
|Pre-approval received from lender||72 hours (subject to lenders turnaround times)|
|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|