Explaining the home loan process

Get in touch

Contact me to do a quick borrowing power calculation based on the most suitable loan for your circumstances and answer any questions about the process.

Arrange a pre-approved loan

I can arrange a pre-approved loan so as to ensure you are only considering properties within your budget. It may also put you in a more favourable position than other potential buyers of the same property.

Find your property

Thorough research with particular emphasis on property prices in the area, potential capital growth, existing and planned infrastructure (such as roads, public transport, schools and shops) is essential. If you are not familiar with property values in the area, consider a full valuation carried out by a registered valuer before making a final decision.

Make an offer and sign a Contract of Sale

Your agreement with the vendor only becomes a legal commitment when a Contract of Sale has been signed by both parties.  This contract will confirm the selling price as well as any terms and conditions.  Your contract should include a ‘subject to Finance approval’, a building and pest inspection report. The period from signing a Contract of Sale to Settlement — when the property becomes legally yours — is usually eight weeks. (Note: even if you have a pre-approved loan, your lender will still need to complete a valuation of the property you have chosen before issuing full approval).

Pay a deposit

A deposit is required once the Contract of Sale has been signed by both parties.  You won’t yet have access to your home loan, so your deposit will need to come from savings or elsewhere. You may also be able to arrange a deposit bond until settlement.  Speak to me about your deposit options.

Appoint a Settlement Agent

The Settlement Agent are responsible for the legal transfer of the property from the Seller to the Buyer. They also ensure that stamp duty and rates and taxes have been paid and that the correct amount of money is transferred to the Seller.