The Home Loan Process

Accomplish Finance will arrange a suitable time with you, to discuss your needs and answer any concerns you may have.

To help you decide which lender you may choose to fund your home loan, Accomplish finance will prepare a loan proposal from our panel of lenders that are able to offer the features and benefits that you consider are important to your loan. This will help you make your own informed decision of which product you choose.

It is important to remember that if you have signed an REIQ contract that you will need to obtain your finance within the finance clause of that contract. Generally this is fourteen days from date of the signed contract.

We will prepare your loan proposal as clearly as possible to ensure that you have a clear understanding of the proposal to help you make the right choice.

The loan proposal will consist of:

• Clear factual information outlining
• The features and benefits of the product
• Ongoing conditions, fees and charges
• Indicative interest rate supported by a comparison schedule
• A schedule of monthly, fortnightly and weekly repayments
• Establishment loan fees that are ascertainable
• Approximate property fees that are ascertainable
• Required supporting documentation check list

When you have made your decision which lender you would like to apply with we will assist you to complete the loan application and request that you sign the privacy consent document.

We will submit your application to your chosen lender for consideration and keep you informed of the progress at all times.

Once we have submitted your application to the lender for consideration, we have outlined the following steps to help you understand the process.

1. The lender will assess your application often within 24-48 hours. At this point they may offer finance pre-approval subject to certain conditions; of an acceptable valuation of the property offered for security and or pending verification of further information.
2. An independent valuation will be ordered. The valuer will contact an authorised person to access the property to complete the valuation.
3. The valuer will complete a valuation report of the property and submit that report to the lender for further consideration.
4. If the valuation is acceptable by the lender and all other conditions have been met, the lender will issue a formal letter of offer to you. You will need to sign this offer and return it to the lender promptly.
5. If you accept the offer, the lender will instruct their solicitors to prepare your mortgage loan documents and arrange for them to be delivered to you or your solicitor.
6. It is advised that you seek independent legal advice from your solicitor before signing your mortgage loan documents to ensure that you have a clear understanding of the contract you are entering into. You must return the mortgage loan documents back to the lender promptly.
7. Your solicitor will liaise with the lender to arrange a settlement date.
8. Before settlement your solicitor will prepare a settlement statement and advise you of any funds that you need to provide for settlement.
9. You will be notified once your settlement has been completed.
10. "Congratulations", you are now able to take possession of your property.

 

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