MORTGAGE PROCESS STEPS

There are 10 steps to the Mortgage Process. These are:

Step 1: Interview

• Discuss your situation
• Credit advisor provides you with options
• Help select your product

Step 2: Completion of a Loan Application

• Complete Loan Application
• Discuss required documentation
• Confirm your serviceability
• Loan application is submitted

Step 3: Lender Assessing Application

• Lender assesses your application

Step 4: Obtaining a Decision – Conditional Approval

• Conditional approval sent to your credit advisor

Step 5: Valuation of Security being provided

• Valuation ordered for security property by bank

Step 6: Lenders Mortgage Insurance (LMI)

• Necessary if you have less than 20% deposit
• Used to prevent default

Step 7: Formal Approval

• Application has been assessed and approved
• Contracts can now be exchanged

Step 8: Mortgage Documentation

• Documentation prepared by bank
• Letter of Offer
• Documentation reviewed by client and solicitor

Step 9: Insurance Requirements

• Home Insurance
• Contents Insurance
• Life Insurance
• Income Protection

Step 10: Settlement

• Signed , witnessed and processed by lender
• Solicitor/conveyance arrange settlement
• First mortgage payment after one month of settlement