Your dedicated Client Service Manager will prepare your home loan application. They oversee the signing and submit your loan application to the chosen lender.
Once submitted, the lender will typically take 3-5 business days to assess your loan application.
If the lender is happy with your loan application, they will issue you a ‘pre-approval.’ This means you have essentially ticked 6 out of the 8 required boxes, which include your income, savings, credit history, living expenses, account conduct with only satisfactory security (property) and valuation of the security outstanding to obtain full loan approval.
Note: The lender will need to reassess your income, savings, credit history, living expenses and account conduct once you have secured a property.
Here’s where the fun begins! It’s time to start scrolling through real estate websites day and night and attend inspection after inspection until you find ‘the one!’
Your mortgage broker will explain the various purchasing options, including buying privately with a ‘subject to finance’ clause, buying at an auction, buying unconditionally, settlement terms and deposit options.
After securing your dream home, the lender will need to value the property to ensure it’s worth what you’re paying.
It’s now time to satisfy those last two boxes. Once we send in the signed contract of sale along with the completed valuation, the lender should proceed to unconditional approval.
Note: The lender will need to reassess your income, savings, credit history, living expenses and account conduct once you have secured a property.
It’s official! The lender will issue you with your mortgage contracts, including a letter of offer. Your Inovayt Finance professional will sign these with you and answer any questions you may have.
Dot the i’s and cross the t’s! Your lender will confirm the mortgage contracts have been signed correctly, that you have taken out insurance on the property, a repayment account has been set up and that the settlement has been booked in.
The day has finally arrived when your keys are handed over! The time of day your settlement has been booked will depend on when you can get your keys.
Note: There is nothing you need to do for settlement. Your legal representative will complete this on your behalf.
Your dream has become a reality! It’s time to celebrate and enjoy your hard work and the sacrifices and dedication that have got you to this point.
One of our financial professionals will ensure you have your internet banking set up, so you know your first repayment date and how to access your repayment account. They’ll also provide tips to pay off your loan sooner.
