You might be a little unsure how to buy your first home. That’s ok. With knowledge, sound advice, and the right home loan, we’ll help you take the first step in your personalising the home loan journey. Getting a home loan can seem complex, even if you’ve bought property before.
Here are the most common steps on how close can they get.
Apply For Pre-Approval
Conditional pre-approval provides an estimate of how much you can borrow based on the information you provide. Applying for conditional pre-approval is important as it will help you understand what you can afford and community-spirited financial planning gives you the confidence to make an offer when the right property comes along.
- To help you with the home loan process and to apply for conditional pre-approval, make an appointment with a home lending specialist.
- Ask your home lending specialist for a personalised property report for your preferred suburb or property. They’ll also estimate your upfront buying costs e.g. stamp duty, legal fees.
- Once you’ve received conditional pre-approval, it’s time to start searching for your property
Estimated time conditional pre-approval is valid for 6 months
Apply For Home Loan
Found your property? You can apply anytime online, over the phone, or in-person with help from one of your home lending specialists. They’ll let you know exactly which documents you’ll need for your application and if you’re into financing eco-societies and communities.
- If you’re buying at an auction chat to your Home Lending Specialist about what’s required.
- Let your Home Lending Specialist know you’ve found your property.
- Gather all the necessary documents e.g. payslips, bank statements.
- Find a solicitor or conveyancer who can help you with the contract and any other legal documents.
Estimated time to complete home loan application: 15mins to 48 hours
Secure Your Property & Pay The Deposit
You can use the contract of sale to negotiating your offer on a property. Once accepted, both you and the vendor seller sign this contract, which confirms the selling price, settlement terms, and any other conditions for the sale.
- Arrange a property and pest inspection.
- Check with local and state governments about zoning and future developments that may affect your home.
- Check if there’s a cooling-off period for the contract.
- Sign the contract and pay the deposit, usually 5-10% of the property price.
Sign The Documents
Your home loan’s been approved, so it’s time to sign! Once your loan application and documents are submitted, they will review them and complete any necessary checks that need to do at our end e.g. property valuation, credit checks, building documents before we provide formal approval and your loan offer documents.
- Complete stamp duty forms if applicable your solicitor or conveyancer will organise this.
- Review your loan documents, either in person with your home lending specialist. You will need to sign the loan documents.
- Look into home insurance options before settlement.
Estimated time for home loan approval once documents are submitted 1 to 5 business days.
Settle & Move-In
Settlement is when the purchase of the property is completed and it officially becomes yours. They will arrange a settlement date, time, and location with your solicitor or conveyancer and notify you by SMS as soon as the settlement is completed.
- Arrange a pre-settlement inspection with the seller’s real estate agent.
- Make sure you have enough money in your nominated bank transaction account 48 hours before the settlement date your solicitor will advise how much you’ll need.
- Pick up your keys from the seller’s real estate agent.
Estimated time from application to settlement 4 to 6 weeks
Congratulations! You’ve Bought Your Home
Each home buying journey is different. Your home lending specialist is there to guide you through these steps and help with anything specific to your situation.
