STEP 1 – Discussing your situation and Loan Requirements
There are a variety of lenders out there, all with different loan types and products on offer. Our experienced brokers will discuss with you your current and future circumstances and your financial needs to determine the right fit for you now and into the future.
They will also discuss with you the lending facilities and any additional ‘hidden costs’ associated with your loan product and banking institution. These fees may include application and discharge fees, variation costs which can differ between lenders. Finding and buying a home can involve extra costs which may include – application fees, stamp duty, mortgage insurance, solicitor fees, Government charges, moving costs, building and pest inspection and valuations.
STEP 2 – Submitting your application to chosen lender
When applying for any home loan, lenders require certain information and documentation to be submitted with the application.
Documents to verify your income and asset/liability position may include:
- Letters from employers
- Tax returns, Financials and Tax Assessments
- Evidence of Centrelink income
- Council rates notices
- Rental Income verification – current and expected
- Statements of existing home loans/personal loans/car loans
- Credit card statements
- Statements of savings and transaction accounts
Your broker and/or Loans Processors will discuss with you what will be required.
Additionally when purchasing a property the bank will require a Full and complete copy of the purchase contract. In QLD you are required to take out Building Insurance on the property you will be purchasing from the date you sign the contract.
During this submission process we will do preliminary assessments and calculations to determine if you qualify for the lender and loan selected. Where possible we will order a valuation depending on the Lender, prior to submitting to the bank for approval.
Typically, your application can not be submitted to the lender until all documentation is provided to us.
STEP 3 – The approval process
Once your application is received by the lender a number of initial checks are conducted. These include verifying you can ‘service’ the loan, a credit report and in some cases verification of your employment status by your employer. If the loan is subject to mortgage insurance, your application along with your credit report and the valuation report will be sent to the mortgage insurer for assessment.
STEP 4 – You’re approved!
Once we receive notification from the Lender that your application is unconditionally approved we will contact you to advise. We will also forward confirmation in writing to both yourself and your solicitor (in the case of a purchase).
STEP 5 – Your loan offer contract and mortgage documents are prepared
In most cases your lender will post the approval documents to Get Real Finance. Your Broker will check over the documents to make sure that every product selected, amount, names and address details are correct before contacting you. Once the checks are complete and everything is ready to go we will contact you to make an appointment for you to come in and do a Loan Sign Up.
If you understand the Terms and Conditions of the offer and are happy with your loan offer you will sign your documents during the appointment and we will send them back to the Lender on your behalf.
You will need to provide a copy of the Insurance Certificate of Currency with your nominated Lender noted to be sent back with the signed documents for settlement.
STEP 6 – Booking settlement
If you are purchasing a property it is your solicitors responsibility to book and attend settlement on your behalf. In the case of refinances your Broker and/or one of our Loans Processors will track settlement of your loan on your behalf.
STEP 7 – Settlement
Once your loan settles we will be in contact with you to advise that settlement is complete and in some cases to discuss linking offset accounts online and to make sure that you are aware of when your first repayment will be due.
STEP 8 – Post settlement care
Throughout the life of your loan the team at Get Real Finance will touch base with you to ensure that you remain happy with your loan. If you should decide to do a variation or refinance your loan we will assist you with this process.