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LOAN PROCESS, What You can Expect.
At The Home Loan Office ™
Our service to you is Free of Charge but you can expect exceptional service as we support you in achieving your goals. Our commitment is to be with you through every step of your application and long after the settlement of your loan.
We can summarise the lending process as follows;
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1. INITIAL CONTACT
Understand Your Requirements by an informal discussion.
Discuss your preferences in terms of loan features and Lenders.
Briefly discuss purpose of loan and how much you seek to borrow.
Determine what documents you will need to provide for application.
2. THE MEETING
Provide background on The HOME LOAN OFFICE, our qualifications, our Lenders, our range of services.
Discuss the type of loan that will meet your requirements, loan products available, features offered, and determine eligibility by use of calculators.
We estimate borrowing amounts, reports, upfront and ongoing fees.
Choose the lender and product.
Complete an application form.
We inform you of next steps, expected time frames and arranges next meeting.
3. APPLICATION
We prepare your application with our calculations, supporting reports and checklists demonstrating that your application is pre-qualified.
Attach all supporting documents and submit to the lender’s credit assessment team after checking all details on your application to ensure all the lender requirements are met and there is no information missing.
The Lender will confirm receipt of application and issue a file. We can then estimate waiting times.
The credit assessment will check all sections are complete and all relevant documents are attached.
The assessment of the application begins.
Upon approval, we will promptly inform you.
4. PRE-APPROVAL/CONDITONAL APPROVAL
Pre-approval/Conditional approval is provided meaning that based on the information provided in your application, you have satisfied the Lenders assessment criteria.
A letter is sent to you advising that your loan is subject to certain lending requirements. The letter will state what requirements need to be met before a Formal Approval is given.
A pre-approval / conditional approval does not constitute an offer to lend money and is subject to Lenders conditions and requirements.
5. VALUATION
The Lender conducts a valuation which is a professional opinion (using lender’s criteria) of the value of the property you wish to buy, or to provide as security in support of the loan. The Valuation is conducted to ensure your property meets Lender guidelines.
6. FORMAL APPROVAL/UNCONDITIONAL APPROVAL
When all requirements from Conditional Approval have been met final approval can be issued by the lender. On receipt of this an exchange of Contract of Sale can be made and deposit paid. A deposit of 10% is generally required and can be done via deposit bond or cheque.
7. LETTER OF OFFER
Upon formal approval, your file is transferred to the lender’s legal team for documentation.
The letter of offer from the lender outlines loan terms, conditions and costs of your home loan.
8. HOME LOAN CONTRACT/MORTGAGE DOCUMENTS
This outlines the agreement between the Lender and Borrower. It has details of the Mortgage, such as loan terms, conditions and costs of the loan.
It is recommended that you have your Solicitor review your loan documents to ensure all is in order and in line with your expectations before signing. Please ensure that all details outlined in your home loan contract are correct before you sign.
9. SETTLEMENT
Settlement is the final step of the process where Solicitors and Financial Institutions representatives meet to exchange all documents and monies. The settlement date is arranged between the Lender and your Solicitor and the vendor’s Solicitor (if you are purchasing).
The lender debits loan account with Mortgage Stamp Duty and Registration costs. Title deeds and Mortgages are registered at the Land Titles offices to transfer property ownership.
10. AFTER SETTLEMENT
After settlement you will receive a letter from your new lender confirming details of your loan that it has settled. You will also receive a Welcome Pack full of information to help you manage your loan. We will then contact you to make sure you are familiar with everything. We then hope to help you with any future loans or increases to your existing loan that you may need.
Please Click INQUIRY or Call Us on 1800 456 284 to Request a Free Appointment with A Certified Consultant.
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