The Mortgage Broking Process

Buying property can be overwhelming, but it doesn't have to be. We've cut the mortgage process into three stages to guide you through each step

What to expect

1. Loan Proposal Stage

This crucial first step involves understanding your unique financial situation and goals. We'll work closely with you to gather the necessary information and explore the best lending solutions to achieve your objectives. To ensure accuracy and a streamlined process, we'll request supporting documentation, which may include (but isn't limited to): driver's license, passport, utility bills, rates notice, payslips, bank statements, notices of assessment, contracts, tax returns, and ASIC records (for businesses/companies). The specific documents required will depend on the lender's criteria.

2. Application Stage

We'll compile your loan application and supporting documents and submit them electronically to the selected lender. Please note that each lender has its own application processing timeline and may require additional information. Conditional approval is typically granted pending a property valuation and, if required, mortgage insurer approval. Once these conditions are satisfied, the lender will issue a formal letter of unconditional approval. We'll then thoroughly review the loan contract and loan offer documents with you, ensuring you understand all terms and conditions before signing.

3. Loan Settlement

We'll guide you through the final stages of your loan process. The lender will prepare the loan documents and schedule a settlement date. Your conveyancer will then contact you with details regarding any remaining funds owed, payment instructions, and the pre-settlement inspection. On the settlement day, ownership of the property will officially transfer, and funds will be exchanged. Following settlement, your conveyancer will provide a reconciliation statement, and the lender will send a welcome letter with access details for your new home loan account.

Important Notes

Pre-approvals usually last for around 90 days. If yours expires, don't worry – organising an extension is a straightforward process
When buying a property, you'll generally encounter costs such as the purchase price, stamp duty, title registration and transfer fees, conveyancing fees, building insurance, loan mortgage insurance (LMI, if required), and loan fees. Your deposit and any eligible government grants can help to cover these expenses.