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.
Once you have conditional approval, especially if fully assessed, you should have comfort in putting in an offer on a property, paying the deposit and signing the contract of sale.
Your mortgage broker can then order a valuation of the property and along with the signed contract of sale upgrade your conditional approval to formal/unconditional approval for you. This is when the lender takes time to assess and relook in more detail at all the information provided including your income, assets, liabilities and the property you’re purchasing.
If the lender is happy with your financial circumstances and they are confident you can afford the loan, they will grant unconditional approval. This process normally takes 24-48 hours to a few days depending on lender.
Once the lender issues your unconditional approval, they will send you the mortgage documents for signing. Then your conveyancer/solicitor will organise settlement. Upon settlement you will take legal ownership of the home.
