Home Loan Application Process
The 8 Steps To Applying For a New Home or Investment Loan
This guide will walk you through the 8 major steps involved in the Home Loan Application Process.
The same process applies whether you are looking for a home or an investment loan. Whether you are purchasing a home, purchasing an investment property, or wanting to refinance an existing loan.
1 - Initial Meeting
At our initial meeting, we need to find out what your goals are. What are you trying to achieve?
Both right now, as well as in the medium to long term.
At this stage, the information you provide goes towards helping us create a detailed plan to help you achieve your goals.
2 - Research & Review
Once we've defined your goals, we will go away to study the market and research a number of options. The options are all summarised in a plan that will outline how each option will help you achieve the goals discussed at the initial meeting.
Once the plan is discussed, and the different options are presented, we then help you select the most suitable of these options. This includes identifying the loan or finance product that most suits your situation and structuring the loan facilities to achieve your desired goals.
3 - Negotiate With The Bank
Once the loan product is identified, we will negotiate with the Lenders on your behalf in order to see if we can get better than standard terms.
The Lenders we work with value and trust our judgement elevating us to the status of trusted partners. Being trusted partners allows us to:
- Negotiate better rates for our clients - We get access to product discounts that are not available to the general public.
- Ask for upfront property valuations - Most banks reserve this for only a handful of their top brokers. When the clock is ticking this could be the difference between purchasing your dream home, and missing out.
- Negotiate and present challenging or non standard deals - Brokers without elevated access simply do not get to do this.
4 - Collect Documents
At this stage, we collect various pieces of information and documents to allow us to submit your Loan Application. Some of the documents we'll be asking for include:
- Identification documents - Passport, Drivers License, Medicare Card and so on.
- Payslips - The bank wants to understand how you will be able to pay back the loan.
- Bank Statements - The bank is looking at how much you spend, and how much you save each month.
We value your privacy... All your documents are stored securely in our industry leading, state of the art cloud based systems.
5 - Submit Application
Once all documents are collected, we complete the application forms and meet with you to check and sign them. We then submit the application to the Bank or Lender and manage all the correspondence on your behalf.
As first home buyers, the process of getting a mortgage can be quite daunting. Liz was so helpful and diligent the whole process. Always on... read more -
We have been working with Liz for over 10 years as a mortgage broker with loan financing and re-financing and I always appreciate her updates... read more -
We can say confidently that One Site is The Best Mortgage Finance Company, and Liz is the Best Mortgage Broker! We have known Liz since... read more -
Highly recommend Onesite finance specially Norman to everyone. The most responsible, caring, punctual, reliable person we dealt with in the whole mortgage process. If you... read more -
Andi was very highly recommended by a colleague and friend. From start to finish, Andi from OneSite has been very helpful and keen on answering... read more -
Approaching the home loan process we were unsure whether to engage a mortgage broker to assist but we're so glad we did. Liz was great... read more -
When I refinanced from State Custodian to CBA last year with Andi's help, I got very competitive rates. Andi was willing to travel more than... read more -
Liz helped us from start to finish with our home loan and we cannot thank her enough! Liz supported and educated us along the way... read more -
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I have used Liz’s services a while back and also dealt with lenders directly thereafter.. several times. I found that Liz was the fastest, most... read more -
Norman was extremely professional and had a through understanding of all of the procedures involved. I love how he went above and beyond to help... read more -
Liz is one of the most professional and results-driven financial service provider I've ever worked with.
My partner and I applied for a new home loan... read more -
Norman is one of the most professional broker we've ever known. He has assisted in planning since the beginning and has been patiently answered our... read more -
I have had the pleasure of working with Liz when purchasing 2 different properties. Her attention to detail & efficiency are second to none! I... read more -
Liz was fantastic and provided exceptional service to my wife and I on our construction loan. She was very responsive to all our questions /... read more -
6 - Application Approved
Congratulations. You're loan is approved. We will correspond with the Bank on your behalf and ask them to issue the final Loan Documents for signing.
Once the Loan Documents are printed, we will review them to ensure the Bank hasn't missed anything. We will then go through them with you and ensure they are completed and signed correctly.
The documents are then sent back to the Bank for Certification.
7 - Loan Settlement
The Loan Documents are certified. We're almost there.
If you are purchasing a property, your Solicitor or Conveyancer can now book the settlement. Once settlement occurs, the Bank will provide the funds required to complete the purchase.
If you are re-financing an existing Loan, the new Lender pays out the old Lender and we can close out the old Loan.
8 - Ongoing Support
Unlike other Mortgage Brokers, OneSite's service does not stop once your loan settles. We'll review your loans periodically to make sure you are still on the best deal possible.
We also run a number of educational workshops and seminars throughout the year to present. We invite a number of industry experts to present on a number of topics in and around the property, investment and financial planning space.