HOME LOAN PROCESS FIRST HOME BUYER
Simple 8 Steps. We will get you FROM HERE TO THERE
As First Home Buyer, you will receive support from us in the following key sections:
Ø Explain the process and costs
We will explain you the steps of the home loan process with all the possible costs you need to know during the property purchase transaction.
Ø Help you get conditional approval
We will help you to find the best possible loan facility and arrange a conditional approval, and you will feel more confident while looking for your first dream home.
Ø Provide guidance during your property hunting
We will provide you guidance and recommendation for all the matters you need to be aware of before and after signing a purchase contract, so you know you are in good hands.
Ø Assist you applying the eligible government incentives
We will assist you applying the eligible government incentives, such as First Home Ower Grant (FHOG), and you will not need to worry of missing your opportunity.
Ø Support you even after you have moved in the house
As your personal mortgage broker, we will support you by providing post settlement check and annual Home Loan Health Check to ensure your existing home loan is still right for you base on your updated financial situation.
Step 1: Initial Inquiry
We will get a general idea of your goal or plan together with the summary of your current financial information during the call. We then will send out a home loan interview checklist for you to prepare the required documents for the interview.
Step 2: Interview
We will meet you either in person or via online face time. During the process, we will understand your actual lifestyle and identify your true needs of getting the home loan. We also will work out your borrowing power with estimated repayment amount, check your saving position, and find the type of loan facility that may suit you. We then will provide you the choice of lenders with the facilities that fit your requirements for you to review and choose.
Step 3: Application
Once you have chosen a lender with the facility that we believe it is also classified best interest to you, we will help you prepare the application and guide you through the process.
Step 4: Conditional Approval
Conditional approval is also known as “Pre-Approval” or “Preliminary Approval”. The chosen lender will issue conditional approval once the provided application and the supported documents are reviewed with credit check completed and satisfied by the lender’s current lending criteria.
Step 5: Looking for a Property
In this stage, we will provide you the guidance when you are hunting your first dream home. You will be required to find a suitable legal representative, such as a conveyancer or a solicitor, to assist you reviewing the purchase contract for the property of your choice.
Step 6: Complete Valuation
After a property is purchased, you will need to provide a full copy of executed contract of sale to us together with any paid deposit receipt. We will request a valuation on the property for your home loan approval purpose. You may also be required to provide “updated” supporting documents to the lender in this stage.
Step 7: Unconditional Approval
Unconditional approval is also known as “Full-Approval” or “Formal Approval”. This is the stage the lender acknowledges your home loan application has been approved, and your loan offer (mortgage document) will be prepared and issued to you to sign. We will organize a time to meet and help you complete the documents. During this stage, your legal representative will liaise with vendor’s legal representative to prepare “Transfer of Land” for you to sign.
Step 8: Settlement
Settlement is the date you will get your new house key. Few days prior the settlement, we will remind you to make sure you have transferred the required funding to your nominated bank account or to your legal representative’s trust account for the settlement purpose. Your legal representative will organize settlement directly with the lender, according to the settlement date on the contract of sale. After the settlement, we will assist you checking if the new loan facility has been set up correctly. We also will provide you home loan health check on an annual basis.