In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
There are different stages of approval when getting finance for a home loan.
The first step is to apply for a home loan with a lender of your choice, a mortgage broker is a great way to help with this process as they know what each lender requires as they are all across the different policies and requirements. The turnaround time for your application will be 1-3 days or longer depending on the complexity of your loan.
A pre-approval gives you the confidence to look for a home, these can be system approval or fully assessed, meaning a ‘real’ person has verified and approved your financial circumstances. This is great as it gives you comfort knowing how much of a loan you've been approved for, which means you know what your maximum purchase price will be. This stage can also be called conditional approval.
Once you have found the property, signed the contract of sale and paid initial deposit, your mortgage broker can help order other documents like an official valuation and gather any other paperwork needed to upgrade your conditional approval to formal approval. This can take a few days depending on lender and how complex the situation.
After formal approval the next stage is waiting for settlement. At settlement your conveyancer or solicitor will make sure the remainder of the deposit is paid, any legal paperwork like transfer of title is completed and any fees including solicitor fees are finalised, then keys are exchanged meaning you own the property now. The process from formal approval to settlement is usually 4-8 weeks but can be longer if both parties agree to it.
