The application process for home loans can be lengthy and complicated.
People also do not know where to start when applying for a mortgage, with so many steps involved. In fact, because of the coronavirus pandemic, things got a little complicated. We have created this useful page on how you can apply for a mortgage in the midst of the pandemic, though.
Preparing your application for a mortgage
Talk to a Mortgage Broker
The best place to continue to discover your eligibility for a home loan is to meet with a mortgage broker.
Using a mortgage broker can offer many advantages:
- In most cases, broker’s services are free.
- They have access to a wide variety of major banks and borrowers, as wellย as specialist borrowers, which can beย of benefit if you don’t fit into traditional policies.
- Compared to going straight to the bank, you’ll get a simple and easy approval since the broker manages the application process from start to finish.
Mortgage brokers have good bargaining power to accept tough loans and secure quick interest rate rebates on your behalf.
Find out more reasons to use a mortgage broker and then email us at contact@ozbroker.com.au or inquire here to start the application process for home loan today
Initial conversation
It is the first meeting with your mortgage broker that you can receive or we have an online platform. We ‘re using this process to address your situation, needs and goals behind getting a home loan.
We will show you our credit guide and you will need to sign a Privacy Consent Form so we could request a credit report on behalf of you.
We’ll decide at the conclusion of this conversation whether you’re qualifying for a home loan.
It’s also a possibility you decide to partner with us as your broker.
Send back your data and documents
We will ask you to fill in our short application form (SAF) once you have agreed to use us as your broker.
We would also require supporting documentation like your ID, payment slips and bank statements.
It helps us to give you a fast and reliable evaluation by sending us all the supporting documentation in one go.
Using the checklist of home loan application documents to make it quick and clear.
Preliminary Review
We’ll be able to complete a preliminary evaluation of your situation after we have your application and supporting documentation.
The preliminary assessment is a very thorough method in which, from a lending perspective, we define any potential issues.
We’ll also calculate your borrowing capacity or power to borrow. Our brokers can then determine which borrowers will assist with the lowest interest rates and evaluate the most appropriate loans. The broker will submit two or three loan recommendations after the preliminary assessment, for you to choose from.
Submit to a Lender
Once you have chosen the loan that suits you best, we will then prepare to submit your application to the lender.ย We’ll ask you to request any final documents for the lender.
When we are waiting for these papers, we are planning the application and uploading it into the program or application portal for the lender.ย We highlight the application’s strengths and present it in a manner that fits the way the individual lender would evaluate the loan.
When we have what we need, we press send on the lender’s page and contact the lender with your supporting documentation.
Once the application is approved we willย print the document from lender and go through the document with you. We will guide you through this journal all the way until settlement.
