Obtaining a home loan is a complex process, whether you’re buying a home for the first time or looking to acquire your next property.
It is also a huge commitment as it takes a lot of time and resources to get into the thick of it.
Getting started
But, you’ve decided you want a house you could call your own, and take out a mortgage for it. Now, it’s time to get started.
If you feel confused or intimidated by the numerous, rigorous steps that ensue, read on and let us walk you through the home loan process.
1. Find a home loan expert you can trust
You need a home loan expert to tell you everything you need to know about your mortgage options based on your personal circumstances.
Set up an appointment with your local broker and talk to them about your situation, goals, and reasons for getting a home loan.
The lending specialists in Stryve Finance are known lending specialists in Australia and can offer a wide range of lending products across a panel of over 30 banks. We will work out your home loan eligibility and negotiate between various lenders on your behalf to obtain competitive rates, fees and terms.
2. Prepare your paperwork
After your first contact with a home loan expert, the next step is to equip yourself with the required paperwork to help your broker determine how much you can borrow and how best to approach your loan application:
- Bank statements
- Proof of savings
- Proof of income like payslips, tax returns, etc
- List of your current assets and liabilities like personal loans, credit card debts, car repayments, etc
- 100 points of personal ID like driver’s licence, birth certificate, current passport, etc
3. Work on getting conditional pre-approval
A home loan pre-approval is a procedure you go through to know your borrowing power based on your personal information.
It’s important that you get your conditional pre-approval as it puts you in a strong position to move ahead of other buyers and be auction ready with confidence — increasing your chances of securing the property you want.
You can apply for a pre-approval through your chosen mortgage broker after you’ve provided the necessary paperwork.
Here’s a caveat: A lender is not obliged to provide you a loan even if you have pre-approval.
4. Choose your property
Once you get your pre-approval, you can proceed with scouting for your dream home. Consider a property’s sellability, and whether or not it meets your needs and budget.
You may want to conduct a building and pest inspection. Then, you can make your bid to the seller.
Once your offer has been accepted, and you’ve signed a contract of sale, talk with your mortgage broker to arrange a property valuation. This will be conducted by a bank’s panel valuer and takes one to two days to complete.
Hurray, you’re ready to start applying for a home loan!
You have completed all the home loan prerequisites — now, you’re ready to begin the full home loan application process.
This is the part where you will work on getting unconditional approval, also known as formal approval. Your mortgage broker will help you make sure you meet all of the conditions, and will be with you throughout the entire process.
Work with home loan experts from Stryve
There’s nothing like talking to a business that really listens! Your experience is paramount to our business. Our team are experts in the mortgage and finance trade, setting industry benchmarks and transforming traditional customer service into a personalised customer experience.
Enjoy a stress-free process knowing that our team will liaise with all stakeholders in the finance process. Call us on 1300 202 285 or click below to set an appointment.
