We know, your first steps in property can feel daunting. It’s all strange terms, huge outlays, and the feeling like one mistake and the roof will come down on you. So, we’ve laid out the loan process to help you cruise through like a pro.
A chat with your broker
It all starts with talking to your broker. Here you’ll nut out your goals, your current financial position, and your borrowing power – to narrow down the kind of loans they’ll look out for.
Understand what’s possible
You’ll hear back from us within a few days of that chat. Your broker will have a bunch of loan options for you. You choose one, then they get to work – preparing and submitting your loan application to your chosen lender.
Getting the go-ahead (pre-approval)
If all goes well, within a few days you’ll get the green light to borrow a set amount for a set time (usually valid for three months). This gives you a clear idea of what you can spend – and everything you need to make an offer on a property.
Let’s make it official (formal approval)
You’ve found the place. And you got it! Now all that’s left is the paperwork – and we sort all that out. During this part of the process, your property will be accepted by the bank, the
details of your valuation and insurance will be provided, and a settlement day will be scheduled.
Settlement – The big day
Get ready to pop the champagne – your property is almost yours! In this final stage, your broker will organise settlement with your solicitor and the lender, as per the date on the contract of sale.
And then you get the keys….. Yep! It’s celebration time.