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Loan Help: Home Loan Application Process

Applying for a loan involves several factors, depending on your individual circumstances.

Your home loan application process may take from several days to weeks to resolve. First home buyers should expect to factor in up to 14 days for full mortgage approval and an additional two to three weeks for property settlement.

Applying for a loan

Meeting with an experienced mortgage broker is the first step in the home loan application process.

Using a broker gives you access to a range of available home loan products and they will consult with you to select the features you need at a suitable rate.

Once the loan has been selected, a broker will help you with your mortgage application.

Book a FREE appointment with a professional mortgage broker now!

The application process

You will need to organise relevant documentation to support your application for a home loan. Your mortgage broker can help you secure the necessary materials and lodge your application with the lender.

These documents will typically include a passport or visa, driver’s licence, proof of income and employment and the most recent statements for all savings accounts, credit cards and personal loans.

The mortgage application will then be assessed by the lender, which will require a verification of the documents.

The home loan then receives conditional approval while other matters such as a property valuation report are organised. If lenders mortgage insurance is required to protect the lender in the event of the borrower failing to meet repayments, it will also be organised at this stage.

Once everything has been cleared, the home loan application will be approved and your mortgage broker will receive the formal offer from the lender. Repayments generally begin one month after the settlement date has been finalised.

Before the settlement occurs, you may need to start the proceedings for insurance policies to cover you, your property and your loan.

If you’re unsure about how to start applying for a loan, the team at AAA Mortgage Solutions can help.

Give us a call on 1300 555 888 for a chat today.

AAA Mortgage Solutions   1300 555 888