Please find the following basic guide for the home loan process – please note that the stages might vary slightly between different home loan lenders:
Step 1: Speak with a First Choice Mortgage Broker who will consider your financial situation and provide you with a home loan that suits your individual needs.
Step 2: Our home loan consultant will collect your supporting documents and take your application for the home loan.
Step 3: Your home loan will be submitted to the lender we agree on for their consideration.
Step 4: If the lender requires no additional information, the loan will be pre-approved, and a valuation will be ordered on your new purchase property.
Step 5: Valuation returns, and the lender accepts the property as security, your loan is submitted for formal approval.
Step 6: Your loan is formally approved! We provide you with an approval letter so that you can exchange on your new property. We also assist you with your first home buyers grant and submit this to the lender on your behalf.
Step 7: Mortgage contracts are sent to you in the mail – you sign them and send them back to the lender.
Step 8: Your documents are checked, the lender books in a settlement date with your solicitor and your loan settles.