Home loans from start to finish

The steps below are designed to give you an idea of the processes from initial meeting and application to settlement of your loan.

Initial meeting/discussion

Your Lawform Broker will firstly ‘listen’ and ask questions relating to your financial position, needs and wants. This information will enable your Lawform Broker to establish what kind of product and Lender that will give you the best results in rate, repayments and criteria. Upon establishing serviceability and borrowing capacity your Lawform Broker will advise what documents will be required by that particular Lender to enable submission of your application. Your Broker will make available detailed reports on all qualifying Lenders showing rates, fees and charges and product specifications.

Loan Application

The application is prepared by the accredited Lawform Broker making sure that all necessary documentation is available to the Lender upon submission.

Credit history and application verification

After your broker has submitted your application, the lender will normally look at your credit history and verify your income and employment history. Your lender may also conduct reference checks to analyse your ability to meet repayments.

Property valuation

The lender will conduct a property valuation in order to determine the value of the property you are purchasing or refinancing, making sure that the property value is in line with the loan required. There are a number of Lenders that allow brokers to order valuations in advance of application giving peace of mind to both borrower and broker prior to submission. If the valuation falls short of purchase price or borrowers estimation the Broker may need to restructure the loan prior to approval and make sure the loan is still within Lender Policy and serviceability.

Loan review and approval

The Lender’s Credit Assessor will assess all applicant(s) information submitted and if all meets with Lender policy and guidelines will approve the loan. The Assessor may ask for more information at this point if needed. Your Lawform Broker will continue to give you progress reports though out this period. An estimate of time from application to approval would be approximately 5-10 days (sometimes earlier if valuations are completed prior to application). The Lender will provide a confirmation letter of formal approval which the Lawform Broker will also send to your Solicitor/Conveyancer for their records.

Loan document issue

Once you have received unconditional/formal approval loan documents are usually generated within the week and forwarded to your nominated destination i.e. your home, your broker or your Solicitor/Conveyancer. If you require assistance in signing loan documents your Lawform Broker will only be too happy to help.

Settlement

If purchasing property the Lender will usually correspondence with your Solicitor/Conveyancer throughout the transaction period making sure that all parties are ready to settle on time. Your Lawform Broker will be in touch with both Lender, you and your Solicitor/Conveyancer to assist in this regard – making sure your upcoming settlement is a smooth transaction. If your loan is for refinance purposes your Lawform Broker will assist with the discharge of your current loan together with settlement of your new loan.

Post settlement

Your Lawform Broker will be available throughout your total loan term to answer any questions you may have in regards to your existing loan or any new acquisitions you may want to discuss. There is never a question too small or too big for us. We will answer you with honesty and work towards meeting your goals at all times.