FAQs - the application process
  • Frequently asked questions about The application process ...
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Frequently asked questions about - The application process

  1. How do I get a loan application started?
  2. How do I know what I can afford?
  3. What is a loan pre-approval?
  4. What do I do when I've found the property I want?
  5. Is there an overview of the whole process?

 

Answers

1. How do I get a loan application started?

Contact Home Loan Advice Centre (02-9210-1000) and go over your situation with a loan consultant or fill out the Enquire/Apply now page on our website. We spend about 10 minutes getting an idea of your personal situation and what you you'd like to do. We present your options to you and you choose a loan and lenders which we can then submit an application for approval in principle. There is no charge for this and it does not bind you into using this lender for your loan. However, an approval in principle, gives you the knowledge of your capacity and allows you to confidently bid at auction or at private treaty.

 

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2. How do I know what I can afford?

We assess your situation and give you a loan report which shows you a breakdown of all costs for a particular cost property . From this you know what your loan capacity is, how much the total cost of a property will be, and approximately what the repayments will be at current interest rates.

 

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3. What is a loan pre-approval?

An application for pre-approval means submitting an application to a lender of your choice and asking them to give you an approval in principle to purchase a property up to a certain cost. This generally means that, given the information you have provided to the lender is correct, they "in principle" agree to lend you a certain amount. This allows you to begin your property search with the knowledge of what price property you can afford. There is no cost in getting a pre-approval and it is the best way to prepare yourself for your purchase.


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4. What do I do when I've found a property?

Its an exciting time for most home buyers! Our advice here is that before you decide on a particular property you should be fairly certain of your decision. We recommend that you should have spent at least 2 – 3 months searching, so that you develop a feel for the property market in the area you're interested in, and know with some degree of certainty the property’s market value.

Once you've found a property you like and have agreed on price, there are a number of things that need to be done ...

Firstly, you will need to provide us with the front page of the contract of sale (your real estate agent will provide you with this) so that the lender can arrange a valuation (if they require it) before they will provide you with Full Approval.

Secondly, get in contact with your conveyancer so they can arrange the necessary checks ie pest inspections, strata searches etc. Home Loan Advice Centre has a select few conveyancers we use and recommend on the recommended services section of the website.

If all checks and approvals are satisfactory, both your conveyancer and Home Loan Advice Centre will advise you when you are safe to proceed and complete the purchase (Exchange of Contracts)

 

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5. Is there a more indepth overview of the whole process?

See our Application process page for a complete overview of the property buying process.