Buying a property-what happens when
Buying a property whether a home or investment property is a complicated process. Not only do you have to find a property, which is a task in itself, particularly in a hot market, there’s finance to organise, a legal representative to appoint, a building inspection to arrange among other tasks.
To the property buyer this can daunting. To help you understand what happens when with your home loan application we have prepared a ‘What happens when’ guide that explains the steps we take and the order in which they happen. We break it down to five steps;
1. Preliminary Assessment
As the title suggest this is the first ‘What happens when’ part of the process. It is about understanding your needs and wants and determining whether you have the financial capability to achieve them. The first step will be completing a Client Information Form. Here you provide the basic information we use to do a preliminary assessment. This will be completed within 24 hours.
Once this is done we do two things;
- Request your documents to confirm income, expenses, assets and liabilities which can be uploaded via our secure client document portal
- Arrange a time to meet, or if this is not possible a detailed phone conversation
The purpose of the first meeting is to;
- Explain how you benefit from what we do and how we do it
- Discuss your needs and requirements in more detail
- Collect any further documents
- Complete an identification check
- Discuss ideas on possible ways to arrange your loan and potential lender options
2. Loan and lender choices
After out first meeting and confirmation of your needs and requirements, we will research different bank and lender options that will match your requirements. Whilst we have a range of twenty eight lenders, we narrow down to two or three that are the most suitable for you. As part of our “What happens when’ research we will;
- Check the lenders credit policies and confirm they will accept your application
- Confirm your borrowing capacity on the lenders borrowing capacity calculators
- Study their checklists to make sure we have all the documents required from you(this may vary from lender to lender)
We prepare information for each of the chosen lenders and email to you for discussion and selection. We then arrange a second meeting.
3. Applying and approving your home loan application
At our second ‘What happens when’ meeting we will discuss the loan and lender selection in more detail and complete the required paperwork. Our next steps for you are;
- Compile all the information for your application
- Load the application into our online lodgement system
- If a valuation is required we will arrange this with the lender
- Submit the online application and send the lender all the required supporting documents
- Keep track of the information via lenders online platform or via phone
- Receive conditional approval for your loan and contact you to let you know
- If all requirements have been met including the valuation, we will receive formal approval from the lender
- We call you to let you know, email a copy to you and to your solicitor
4. Once your loan is approved
Assuming there have been no major issues that caused your loan to be declined or put on hold, the lender will prepare your loan and mortgage documents and send to you by mail or to me electronically(depending on the lender).
We then arrange to meet to go through the documents to make sure the loan is as you expect, you sign the documents and return to the lender or their solicitor.
On return the lender will check the documents to confirm all has been completed properly. If this is the case the lender will be in a position to fund the loan when your property is due to settle.
5. Once your loan has settled
As soon as the lender notifies us the loan has settled we contact you to let you know. Our job doesn’t stop here. This is the start of our long term relationship.
- Soon after settlement we send your customized Home Loan Finance Organiser to you by mail. It’s a great resource to keep all your documents in one place.
- We call you a month after settlement to confirm your first loan repayments went through ok. If there’s going to be a problem it’s normally the first one.
- We will email you our monthly Mortgage News Views and Clues newletter. Full of useful information to help you on your property ownership journey,
- Contact you every twelve months after your settlement just to ‘check in’ and make sure’s everything’s going ok. Sometimes it’s a chance to review your loans, sometimes a chance to chat about future needs, and sometimes nothing needs to be done.
- We’re available to answer any queries you may have at any time in the future.
- Oh and yes we’d love you to refer us to your friends, family and colleagues. You can do it here with our Refer a Friend in 20 seconds