The home loan application process

STEP 1: Make an appointment with an Intellichoice mortgage broker

At the home loan appointment, your Intellichoice mortgage broker will:

• Discuss your needs and obtain the necessary information for the home loan application

• Help you select a home loan that is right for you

• Explain all the details of your chosen home loan, including your repayments, fees, costs and home loan features

• Assist you in completing your home loan application form and other documents

STEP 2: Home loan application

Your mortgage broker from Intellichoice will professionally package your home loan application with the supporting evidence and then lodge the application with the appropriate mortgage lender. The mortgage lender will assess your home loan application and advise us if more information is required. Your mortgage broker will then contact you upon hearing back from the mortgage lender and will promptly contact you on receiving confirmation from the mortgage lender of your home loan's Indicative Approval. Intellichoice will keep you informed every step of the way.

STEP 3: Home loan approval

After the mortgage lender has performed credit checks and arranged a valuation of your property and mortgage insurance (if required), it will advise Intellichoice of Unconditional Approval (assuming there are no issues/concerns). We will promptly contact you when we receive this confirmation

STEP 4: Home loan offer

The mortgage lender will send you a Home Loan Offer directly. The Home Loan Offer is your home loan contract and outlines the terms and conditions of the home loan, including the interest rate, term and the range of possible fees.

You will need to carefully read this document, sign and return it to your mortgage lender, making sure the information is correct and you understand all the terms and conditions. Your Intellichoice mortgage broker will be on hand to guide you through this step and answer any questions you may have.

STEP 5: The settlement process

Once you have formally accepted the mortgage lender's loan offer, they will issue home loan documentation, which should be forwarded to your solicitor/conveyancer, who will then liaise with the mortgage lender to schedule a settlement date. On the day of settlement, you will receive the funds and your first home loan repayment will usually be required one month after the settlement date.

Remember, it is now compulsory for you to have your building insurance in place for settlement to take place. A mortgage broker from Intellichoice will be able to assist you with your insurance policy.

To find out more about the various home loan types, such as variable rate home loans, fixed home loans, low doc home loans, split home loan, an offset home loan and more, call 1300 55 10 45 and we will be only too happy to answer your questions.