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  • Writer's pictureMichael Smith

How to Secure a Home Loan

It’s never easy to break into the property market, but some up-front planning and preparation can go a long way towards a smoother experience and ultimately make things more accessible.

The best thing you can do to secure a home loan is to make sure that you have covered all bases. After all, it pays to be ready and prepared.

So how can you get on the front foot to secure finance for your dream home? Simply follow these steps!

1. Arrange a Meeting with a Growthfront Mortgage Broker

Now that you’ve decided to apply for a home loan, it’s important you discuss your lending needs and financial circumstances with a professional.

Fortunately, our team of mortgage brokers are ready to help you find the right home loan based on an understanding of your lifestyle goals, financial commitments, borrowing power, and other factors.

By looking at hundreds of different home loan products, we take the hard work out of identifying the best home loan for you. You can rest assured knowing that we’re here to work with you to set an appropriate monthly repayment on your loan, and answer all your home loan questions.

2. Prepare Your Home Loan Application

Once you and your Growthfront mortgage broker have selected an appropriate home loan for your needs, it’s time to start the application process.

Again, we’ll take the hassle out of everything by making sure we are right at your side to fill out all the necessary paperwork and ensure that you have all the documents required to process your home loan application.

3. Receive Approval for Your Home Loan

After you submit your home loan application, the lender will run a credit check on your profile, while also arranging a property valuation so they can mitigate their own risk in the event you default on the loan.

It is at this point you may receive conditional approval, which is also known as home loan pre-approval. Although this is not full approval for the loan, you have the lender’s support, in principle, that they will lend you money to buy a property. This should provide you with some confidence to finetune your search for a new home, and to progress discussions with real estate agents.

Once the lender has given you and the property the green light, you will receive unconditional approval. This means you now have the final approval for the finance you requested to purchase your next home.

Throughout this process, our team will be in touch with you and the lender to ensure that things proceed smoothly at all times, and so you’re not left wondering about the status of your application.

4. Review the Loan Documents

After receiving unconditional approval, you’ll soon receive the loan documents in full. There is still a bit more paperwork to complete at this point, but we’ll invite you to meet us so that we can cover everything in detail face-to-face.

Remember, the loan documents are legally binding, and they detail an undertaking regarding your ability to repay the loan in full, and on time.

5. Property Settlement

When you make an offer for a property, you will engage a solicitor or conveyancer to assist with the legal side of the transaction.

With your home loan now unconditionally approved, and all final documentation completed, the contract of sale for the property will nominate the settlement date. On the settlement date, your solicitor or conveyancer will liaise directly with your home loan lender to purchase the property.

On the other hand, if you are refinancing your home loan between different lenders, the two parties will handle the settlement directly, while also processing all corresponding documentation.

You now own your dream home! But remember, we’re here to discuss all your home loan needs at any point in time, including if your circumstances change, so don’t hesitate to stay in touch.


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