Initial meeting
The first step is that we meet with you to determine your goals and plans. Whether your goals are to purchase a new property, refinance your existing home loans or consolidate debt and improve cash. We can discuss the plan and outline how we can assist.
Additionally, we will go through some more information relating to your circumstances such as: personal information, your employment history, income, assets and liabilities and your living expenses.
Calculate your borrowing potential
To assess your borrowing potential, we will ask you to provide supporting documentation. Depending on your situation, these documents can be in the form of (but not limited to) identification, loan and banking statements, rates notices and proof of income/payslips.
Once we’ve received this information, we will run your numbers and ability to take on borrowings, we will research the most appropriate structure along with bank products based on your situation and provide you with a resolution.
You’re ready to proceed
Once you’ve agreed on a suitable Lender that suites your needs and we’ve obtained your confirmation to proceed with the loan application, we prepare compliance documents and bank paperwork for you to sign. In some cases where required, we order the property valuation upfront.
When you have signed the documents and paperwork and returned them back to us, your application is lodged with the designated bank via our online portal.
Bank approval
The bank will then begin the assessment process for your application and either conditionally approve (request more information), formally approve or in an unlikely situation, decline the submission.
If more information is needed from the bank for your application, further supporting documents may be requested from you so that formal approval can be granted. During this period, we may need to liaise with real estate agents, valuers and your conveyancer/solicitor.
However, for pre-approvals, a formal approval will not be granted until a property is purchased.
Once Unconditional/Formal Approval is granted by the bank, loan offer documents are issued by the lenders solicitor for you to sign.
We settle the finance
We can then organise another meeting with you (if needed) to go over the banks loan offer documents. In most cases, you will need to provide a certificate of currency/building insurance for each security property.
Once you have signed the documents, they are then sent back to the bank where they are reviewed by the banks solicitor. If the documents have been signed correctly, the settlement can be booked in.
Once your settlement date has occurred and finance has settled, and a welcome pack should then be sent out from the bank in addition to any debit and credit cards that you are entitled to.
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