Mortgage Approval Process

So you’ve found your dream home and you’re now ready to formally apply for your home loan. First of all, give yourself a pat on the back for reaching your goal and getting your deposit saved!

This can be a stressful time so we’ve broken down the process for getting your mortgage approved. We’re only a phone call away if you have any questions.

Step 1 – We Find the Best Home Loan for Your Lifestyle

At Illawarra Home Loans we have consultants with over 20 years experience working hard to find you not only a great deal but a home loan that will suit your lifestyle and won’t leave you financially strained.

The best way for us to do this is to have a chat with you so we can understand your needs. We’ll work with your time table and can either meet with you in person, at your home, over the phone or even via Skype.

To book your free consultation with one of our MFAA authorised consultants, call us on 02 4226 5555.

Step 2 – We’ll Help You with the Paperwork

We love paperwork! If you don’t, we’re happy to fill out the forms while we’re chatting with you so all you need to do is give us your autograph at the end.

To get you approved and into your new home as quickly as possible, make sure you check you have all the documents in our checklist ready.

Download the residential mortgage application form.

Step 3 – Relax While We Run Around For You

If you already have a solicitor and real estate agent we’ll ask you for their details so we can liaise with them on your behalf. We understand it can be difficult and stressful to make phone calls at work so we’ll do the running around for you.

Need a Real Estate Agent or Solicitor?

Haven’t found your home yet or need a solicitor? We’re mates with heaps of local real estate agents and solicitors and we’re happy to give you a recommendation.

Step 4 – We’ll Organise a Valuation of Your Home

Once your loan has been pre-approved we’ll organize a valuation on the property. This is to determine the value of the property.

Why do you need a valuation? Basically, the valuation confirms that the mortgage will be covered by sale of the property if the mortgagee defaults.

We also recommend that you arrange for a building a pest report to make sure you’re aware of any potential problems such as a termite infestation. If you have any questions, concerns or, you’d just like some help call us on 02 4226 5555.

Step 5 – The Tick of Approval!

Once your valuation and building and pest report have been returned and are acceptable, final approval can be granted.

This is when the lender agrees to lend the money and will issue you with a contract stating so.

Step 6 – Exchange of Contracts

Your loan has been approved so what happens with the money? Unfortunately a guy won’t be turning up to your house to hand over a briefcase full of cash. What will happen is your solicitor will liaise with the lender and the vendor’s solicitor to arrange for the exchange of contracts. A little less romantic but much more effective.

At Illawarra Home Loans we understand that we’re not just dealing with your pocket change and that is most likely the biggest investment you will ever make. So we’ll be in contact with you throughout the process and you can call us anytime with any questions or concerns.