Home Loan Process
The first step in the home loan process is to get pre-approved by a lender. The process typically involves numerous steps and we've listed them here for you.
Steps 1 - 3
1. Pre-approval: The first step in the home loan process is to get pre-approved from a lender. This involves easiloans submitting an application and providing information about your income, assets, and credit history on your behalf. We prepare high quality loan submissions to assist the lender will then determine how much you can borrow and at what interest rate.
2. Property search: Once you have been pre-approved for a loan, you can start looking for a property that meets your needs and budget.
3. Property valuation: When you find a property you like and make an offer, we will arrange a property valuation to determine the market value of the property. This will help the lender decide how much they are willing to lend.
Steps 4 - 7
4. Loan application: After the valuation has been completed, you will progress the loan to need to conditional approval status. This may involve providing some additional information or details required to the lender.
5. Loan approval: given your loan application is approved, the lender will issue a loan offer, which will include the loan amount, interest rate, and other terms and conditions.
6. Loan settlement: Once you have accepted the loan offer, the settlement process will begin. This involves finalising the purchase of the property, including the transfer of ownership and the payment of any fees and charges.
7. Repayment: After the loan settlement, you will need to begin making repayments on your loan. This will involve making regular payments to the lender, which will include both the principal amount and the interest charged on the loan.
We can assist you with additional guidance on ways you may be to reduce the loan faster, just ask, we're happy to help!
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