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There are hundreds of home loans available, each with their unique features. Generally, home loan features are about cost, convenience and flexibility. So, depending on your needs and circumstances, some of these home loans features really can save you a lot of money and hassle. Remember that finding the right home loan for your investment is equally as important as finding the right property. Compare home loans now, including the most common types of home loans available, their features and the advantages and disadvantages of each type of home loan: To help you better understand the home loan application process, below are some of the key steps involved in getting a home loan. Please note that any time frames outlined below are an estimate only and will vary depending on the mortgage lender and the complexity of the mortgage loan application. 1. Interview with your Intellichoice mortgage broker During the interview, your mortgage broker will discuss your goals and select the most appropriate home loan product and mortgage lender that best suits your needs. 2. Home loan application process Your home loan application will be lodged with the mortgage lender within 24 hours of receiving all required supporting documents. 3. Conditional approval We will let you know once we receive a conditional approval receipt from the mortgage lender. The conditional approval may also detail any oustanding matters that require your immediate attention prior to unconditional (full) approval. Upon conditional approval, a property valuation will be ordered by the lender. 4. Valuation reports will be ordered by the mortgage lender The valuation report may take up to 3 working days, subject to property access. 5. Unconditional approval of your home loan We will usually receive unconditional approval from the mortgage lender usually within 5 working days from receipt of their satisfactory valuation. We will then contact you to confirm written unconditional approval has been received from the mortgage lender. 6. Mortgage documents The mortgage lender will send you a copy of the mortgage documents (or the nominated party) within 5 working days of unconditional approval. You will need to sign the mortgage documents and return them to the lender withing 5 days. Please do not hesitate to contact us if you have any questions about the mortgage documents. 7. Loan settlement After you have returned your signed mortgage documents, your conveyancer will usually contact your mortgage lender to book settlement. 8. Congratulations on the settlement of your new property! Congratulations! You are now the proud owner of a new property and your home loan is now in place. You will need to ensure you a have adequate funds in place for the home loan repayments every fortnight or month. You can also speak to your mortgage broker about strategies to pay down your home loan faster or an annual home loan review. For more information about home loans and mortgage loans and how an Australian mortgage broker can help you do all the research and find a home loan that suits your needs, call 1300 55 10 45. Our mortgage broker has access to over 800 home loans and mortgage loans from our panel of over 35 mortgage lenders. You can be assured that an Intellichoice mortgage will find the best home loan or investment loans to suit your needs. |
Speak to a mortgage broker today to find out how we can help you with all your home loans, invoice finance, bad credit home loans and owner builder finance needs. Our mortgage brokers have access to over 800 mortgage loan products and 35 mortgage lenders.
Many people have differing financial dreams and financial planning can assist you in meeting those goals. Our financial planners aim to help grow your wealth through real estate and other investments in a safe and cost-effective manner.
Ultimately, what every investor is seeking is a strong return on their investment and you can be assured that any property in Australia that we recommend, have been selected on the basis that they offer you the best possible returns for your dollar.
