The home loan process can seem complicated, especially if you’ve never done it before. While every journey is different, there are a few common steps, whether you’re a first home buyer or a seasoned investor.
There’s no one-size-fits-all mortgage. So the first step is to figure out the right loan for you. When you speak to a Shore Financial broker, they will:
Once you’ve decided on the right loan product, you need to apply for pre-approval (also known as conditional approval). Home loan pre-approval is when a lender agrees, in principle, to lend you money towards the purchase of your home.
While a pre-approval is not an iron-clad guarantee you’ll ultimately get formal approval, it can:
Pre-approval typically lasts for three to six months, allowing you time to look for a property to buy.
Found the right property? After making an offer and signing the contract of sale, you need to finalise your loan. Your mortgage broker will arrange a valuation of the property, which will determine the amount you can borrow. Your broker will then guide you through the process of getting formal approval (also known as unconditional approval).
When a lender is satisfied you’ve met all the loan conditions, they will unconditionally approve your home loan and send you the loan documents to sign. Review these with your conveyancer, then sign and return them.
After the lender is happy everything is in order, they will transfer the funds to the vendor so you can purchase the property. Once this happens, settlement is complete and the property is legally yours. Congratulations!
We appreciate your message and a Shore Financial Adviser will respond to you within a few short days. In the meantime, here’s a few links to keep you occupied.
We appreciate your message and a Shore Financial broker will respond to you within a few short days. In the meantime, here’s a few links to keep you occupied.
