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.
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