Without getting a pre-approval, you can easily miss out on securing your dream home.
I’m sure you’ve heard stories of heartbreak at auctions, where the buyer puts down a deposit after winning but later wastes precious time applying for a mortgage that may be declined.
So, how do you get a pre-approval? We’ve outlined the key stages in the loan application process below:
Appointment with The Loan Lounge consultant
- Meet with a consultant – either in person, via email or over the phone.
- An Understanding of your situation will be obtained and the recommended solution will be offered.
- Please have originals and copies of your documentation (payslips, financial statements and tax returns) and identification (usually a driver’s licence and passport).
Finalise all documentation
- Your documentation will be submitted to a lender.
- The Loan Lounge will advise of any remaining documentation required to support your application.
- Loan is conditionally approved.
- The Loan Lounge will inform you of the lender’s decision and what conditions are attached to the loan (usually a valuation of your property).
- For a purchase, this is also a good time to organise a building and pest inspection.
Full unconditional approval
- The Loan Lounge will inform you of the full approval and what your next steps are.
- You will exchange contracts for the property (if purchasing).
Sign the loan documents
- The Loan Lounge will contact you to organise signatures of the loan documents.
- Please ensure you organise your building insurance.
Ready for settlement
- Your solicitor will organise a settlement date (if purchasing).
- For other purposes, The Loan Lounge will confirm with you that settlement has been booked in.
Loan settles
- Congratulations! Your property has settled. The Loan Lounge will be in touch to make sure everything has been completed correctly and give you essential information about your loan.
Ongoing relationship management
- The Loan Lounge will stay in touch at key stages throughout the life of the loan to see how you are tracking.
If you would like to arrange a pre-approval, simply fill out our online form or contact The Loan Lounge on 02 9037 2825 today.
