Getting pre-approval for a home loan is a game-changer. It shows sellers you’re serious and gives you a clear idea of your budget, so you can house hunt with confidence. In this post, we’ll break down the steps to secure your pre-approval and make your journey to home ownership as smooth as possible.

‍

1. Initial Chat:

• What It Is: We’ll kick things off with a quick chat to understand your goals, gather some details, and explain the next steps.
• Why It Matters: This helps us get a clear picture of what you’re looking for and sets the stage for the rest of the process.

2. Fill Out the Financial Fact Find:

• What It Is: Gather all your personal financial info and submit your documents according to our checklist.
• Why It Matters: Providing detailed financial information upfront helps us assess your borrowing capacity accurately.

3. We Review Your Info:

• What It Is: We’ll go through your financial profile and documentation to make sure everything’s in order.
• Why It Matters: This step ensures we have all the information needed to make informed loan recommendations.

4. Discovery Call:

• What It Is: We’ll book a call to dive deeper into your needs, objectives, and goals. We’ll ask lots of questions to get a good understanding of what’s important to you.
• Why It Matters: This conversation helps us tailor our recommendations to your unique situation.

5. Loan Options:

• What It Is: Our team will prepare a range of loan options for you to consider, along with a funding position and details of the recommended home loan products.
• Why It Matters: Comparing different loan options helps you choose the one that best fits your financial situation and goals.

6. Submit Your Loan Application:

• What It Is: Time to lodge your loan application for pre-approval. We’ll prepare all compliance documents and the loan application for you to review and sign.
• Why It Matters: Submitting a complete and accurate application increases the chances of a smooth and quick approval process.

7. Pre-Approval:

• What It Is: Once the bank reviews your application, you’ll receive pre-approval, typically valid for 90 days.
• Why It Matters: Pre-approval gives you a clear budget and shows sellers you’re a serious buyer.

8. Sign the Contract of Sale:

• What It Is: You’ve found your dream home and signed the contract of sale. Well done!
• Why It Matters: Signing the contract is a significant step towards home ownership. We’ll help you send the signed contract to the bank, order your valuation, and prepare for settlement.

9. Formal Approval:

• What It Is: Your loan is formally approved. Time to sign your mortgage documents, get your property insurance in place, and prepare your savings for settlement.
• Why It Matters: Formal approval means the bank has fully approved your loan, and you’re ready to move forward with the purchase.

10. Settlement Day:

• What It Is: The big day is here! Your new home officially becomes yours. All legal and financial transactions are completed, and you can move in.
• Why It Matters: Settlement day is the final step in the home-buying process. Congratulations, you did it!

‍

Ready to get pre-approved for your home loan?

‍

Ready to take the first step toward home ownership?

Buying your first home is a big step, but with the right preparation and knowledge, you can handle it with confidence. Every situation is unique, so feel free to reach out for a no-strings-attached chat to talk about your specific needs.

jane@justrightlending.com.au

‍