Home Loan Process
At Mortgage Empire, we want to make sure we take the hassle out of the whole home loan process. Here are the 15 main steps to loan process.
1. Discuss Your Requirements & Objectives +
- Contact Mortgage Empire Loan Expert to discuss your requirements and objectives. We will explain you various loan options, types, features along with their advantages and disadvantages. During our initial meeting, we will also provide you a copy of our Credit Services Guide.
2. Complete Factfinder +
- The next step is complete our Factfinder, in which we will complete various information about you such as:
>> Credit history
>> Future Plan
3. Provide Supporting Documents +
- We will request you to provide some or all of the following documents to confirm information provided in the Factfinder:
>> PAYG Summary
>> Bank Statements
>> Loan Statements
>> Evidence of Savings
>> Purchase Contract (not required for pre-approval)
>> Driver Licence
4. Research Loan Options +
- Once you have completed Factfinder and provided all required supporting documents, we will research various loan options for you, which are suitable to meet your objectives, requirements and circumstances. We will outline top three products in our Credit Assessment Statement, which we will provide to you.
5. Credit Assessment Statement +
- Credit Assessment Statement (CAS) will outline top three products which are suitable to meet your objectives, requirements and circumstances. We will also detail all applicable fees and charges so that you can make an informed decision. In the CAS, we will recommend you the most suitable loan product for your consideration.
6. Select Loan Product +
- Once you receive a copy of CAS, you need to review it carefully and make your selection. If you agree with the loan product recommended in our CAS, then you will need to return a signed copy of the CAS for your record.
7. Sign Loan Application +
- Once we receive a signed copy of CAS, we will send the select loan product lender loan application, which you will need to sign and return so that we can apply to the lender.
8. Apply To Lender +
- Once signed loan application is received, we will apply to the lender and provide them with all supporting documents.
9. Provide Additional Documents +
- During assessment process, a lender may request for additional information and or documents. We will let you know if this is the case.
10. Property Valuation +
- Lenders have different requirements and in most case all lenders require valuation of property to be conducted by a valuation firm on their panel. You do not need to worry, we will organise this for you.
11. Loan Formal Approval +
- Once the lender has assessed your application and it has met all their lending criteria, including satisfactory valuation, your loan will be formally approved.
12. Sign & Return Loan Documents +
- Mortgage Empire Loan Expert will advise you, when your loan is formally approved. Once your loan is approved, you will receive loan documents, which you need to sign and return to the lender. Mortgage Empire Loan Expert will meet you in person and assist with this.
13. Home Insurance +
- All lenders require you to have building insurance prior to settlement. Mortgage Empire Loan Expert will advise you the amount for which you will need to insure the property.
Home insurance is not required, if you are only purchasing vacant land.
14. Organise For Funds +
- You should organise for funds that you need to contribute at least 2-3 days prior to the settlement day. You should discuss with your solicitor or conveyancer about this.
Generally, a day of the settlement, your solicitor or conveyancer will provide you with Settlement Advice Statement, which will outline the exact amount that you are required to contribute and method of payment like bank cheques or PEXA account deposit.
15. Settlement Day +
- Your solicitor or conveyancer will organise for settlement and you are not required to attend. The property becomes yours, once settlement is complete. Your solicitor or conveyancer will advise you and the selling agent of this.