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

Leave a Reply

Your email address will not be published. Required fields are marked *