How Quickly Can I Get a Home Loan?

By 17 March 2017Education
homeloan

We know that every home loan application is unique. This is why the processing time varies from one application to another. There are a number of factors involved to process a home loan, including the complexity of a loan, valuation requirement, how soon you provide supporting documents and return the signed documents.

The basic tip for quick loan approval is to maintain a checklist of all the necessary documents. Sometimes, incorrect paper work also causes a delay to process the home loan application.

Moreover, it is important to inform your real estate agent if a lender requires a valuation. The quicker the valuer manages to access the property, better it is.

Settlement can be arranged earlier after approval of an application if a person is in a hurry to get a home loan.

Given below are different stages required if you want to get your home loan approved. Knowing how to proceed with the mortgage application will enable you to keep everything ready and process the loan quickly.

Finance Application – Home Loan 

First of all, you need to fill out a finance application. We will help you through this, detailing which documents you should submit along with the application. This is one of the most crucial steps in a mortgage application process. Therefore, an applicant must make sure they have a complete set of documents available in order to speed up the process.

Preliminary Assessment

Once the application is complete with supporting documents, one of our brokers will carry out a preliminary assessment. This is a detailed process, which enables us to find out any likely problems from a lending perspective.

Borrowing capacity is also calculated at this point. Once the assessment is complete, our brokers will recommend a list of lenders that will offer suitable terms and reasonable interest rates for you.

Mortgage Approval or Rejection

Once a lender has been chosen and you’ve submitted the mortgage application, it is then reviewed by that lender. It will either be approved or declined.

It is our job as a broker to inform you about the decision that has been made. You will then receive a letter that further confirms whether your loan is approved or not. This stage might also include property evaluation by an independent valuer as well.

Loan Contract

If your loan is approved, the next stage is to prepare a loan contract. Before signing the contract, it is very important to understand its terms and conditions.

Now’s the time to get in touch with a legal representative who will thoroughly explain the details mentioned in the contract. Borrowing a home loan is a big decision, therefore, you must seek legal services to interpret this legal piece of paper for you.

Once you sign the contract, your solicitor will return it to the broker.

Settlement of Loan

The settlement is initiated right after the signed contract is received. At this stage, the loan money is transferred to the nominated account of an applicant.

Post Settlement Process

At this stage, the settlement process is successfully executed and completed. One of our brokers will send a confirmation letter stating the details of your loan, repayment dates and repayment amount. However, speak to your broker immediately if you face any issue or want to change the loan terms. We will be able to give you expert advice and guide you in the right direction.

When you plan to invest in a property, consider consulting us about the following:

  • How much you should invest
  • How much deposit you need
  • What cost you have to bear, and
  • Which location you should buy a property (real estate agent specific)

We will provide you with a complete outline of the costs involved in the process. For example, maintenance cost, property management cost, insurance, land rates, etc.

It is important to know the different stages involved in the process of applying for a home loan, so it allows you to execute the entire loan process successfully and complete it without delay.

Speak to our team of mortgage brokers in Brisbane now on 1300 088 065 or email Joshua Vecchio at joshua.vecchio@huntergalloway.com.au