Buying property can seem like an overwhelming process at times but with a step by step strategy, the road to new home ownership will become a lot less complicated.

Taking one task at a time helps you to organise your documents, your time and your thoughts – taking the pressure off.

Step 1 – Your home loan appointment

The first step towards getting into a place you can call your own is the home loan appointment with your Trusted Mortgage Broker. Here you will find out all of the loan options available and decide on the one that is most suitable for you. You will then fill out the application material with the assistance of your adviser. Now is the time to ask as many questions as possible to get a clear idea of what is to come.

Step 2 – Your home loan application

Here is the time to gather all of your supporting materials for your application. Your Trusted Mortgage Broker will then professionally package it and send it to your chosen lender – often electronically. The lender will then perform credit checks, perhaps arrange a valuation of your property and organise mortgage insurance if required.

Step 3 – Home loan approval

Your lender should now be in a position to approve your application – your Trusted Mortgage Broker will inform you of the outcome immediately. This is the time to organise building insurance as you will need it for the settlement.

Step 4 – Home loan offer

Your lender will send you a loan offer for you to sign and return. The offer is a contract and outlines the terms and conditions of the loan – including interest rate, term and range of possible fees. Your Trusted Mortgage Broker will help you with all the paperwork.

Step 5 – Mortgage documents

After you have signed your mortgage agreements and they have been returned to the lender, they will be certified and then your conveyancing solicitor will book in the settlement date for you. Your conveyancing solicitor will advise you of the breakdown of all the final costs for settlement.

Step 6 – Home loan settlement

The big day! Your lender will liaise with your conveyancer to arrange for settlement to take place. The home loan will be ‘drawn down’ and the property will transfer into your ownership. Now is the time to celebrate!

Trusted Mortgage Broker has a great range of mortgage calculators to help with all those tough decisions that come with finding the right loan. Have a look at our calculators on our website to help you further. www.trustedmortgagebroker.com.au/calculators/

About the Author

Sue Hayter

Sue's service commitment is fantastic. At Trusted Mortgage Broker we work with our clients to ensure they understand their options, know exactly how much they can borrow and ensure they choose the right home loan and the right lender that is not unsuitable to their individual needs.

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