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.
While you're looking for a property, the approval in principle (AIP) normally lasts three to six months and gives you an estimate of how much money you can borrow at that time. Before you put in an offer on a house, call your bank and request a letter of offer.
The lender will take all that info above and do an initial assessment. A lot of lenders do these through software with no manual review. This means AIP’s can be issued very quickly, and almost automatically. Manual assessment looks at whether everything has been disclosed (like the HECS debt you forgot about or that buy now pay later facility you opened once but didn’t close), that all the documents provided meet the lending policy (pay slips within a certain time period etc) and that your credit history is good order.
All of this info should be disclosed to the mortgage broker in the data collection stage and before the analysis is done as it can significantly affect your borrowing position and/or which lenders and products you may be eligible for.
