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Five Steps to Buying Your Home

WOO! How exciting. You’ve made the decision to purchase a home! Whether it’s your first home or your fifth, there’s a few things to keep in mind when starting the process.

So, how long will this take, you ask? Well, the time frame for loan approvals can range from a few days to a couple of weeks – it depends on your loan and situation. Keep in mind as a general rule, the more complex the loan the longer the application process will take.

Step 1 

Gather up all your important information, completed application and any other supporting documents into one bundle. Pass all this valuable information on to your savvy mortgage broker, they will then package your home loan application and present it to the lender. Not long after this you will be personally notified that your application has been submitted for approval.

Step 2 

The lender will evaluate your application bundle by following a strict set of lending guidelines; like running a credit check and making sure your information is accurate. As soon as your information checks out, a conditional approval will be issued by the lender through your Lend Me broker. On the off chance the lender requires more documents, your broker will notify you and discuss what must occur next. If there are any other questions regarding your application along the way, your broker will be contacted by the lender and together you will smash out those concerns.

Step 3 

The lender will request a formal valuation of your property, the valuer will look at things like the land size, lot attributes, street frontage, number of bedrooms etc. The valuer will then submit an inspection report directly to the lender for review. If this report meets the lenders guidelines, an unconditional approval will begin. If there are concerns about the report, the lender will discuss them with your broker, who will then address the issues with you.

Step 4 

If a lender’s mortgage insurance (LMI) is required for your loan, approval will be sought through the LMI provider. When this approval is granted by the LMI provider, an unconditional approval will be granted and the loan documents will be prepared. #yay

Step 5 

Now that your unconditional approval was granted, the lender will prepare your loan documents and send them straight to you. From there, your Lend Me broker will assist you in finialising those documents and sending the signed forms back to the lender. Once the lender has received and checked that all your forms have been signed correctly, the lender will then start the settlement process. In just a few simple steps, you, my friend, could have your very own home!

Still not sure about the process and want some more solid advice? Our experienced brokers are here to help! Send us an email at info@lendme.com.au, or give us a call on (08) 6234 6400. We would love to make this experience of buying your own home as sweet as possible.

How we've helped our clients...

"Starting up a new business isn’t easy, with so many things to think about it can be quite a stressful process. With the services of Lend Me Asset Finance and Locate Me, they have really helped to take this stress away in the way of meeting me on my job sites to sign documents and dealing directly with the Car Dealers, Bobcat Dealers and even my accountant.

The guys at Lend Me really do take the time to listen to what you are after and work in to suit you and make the transaction so simple and convenient, I can’t thank them enough! I’ve also recommended their services to 3 friends already and have only had good feedback. Lend Me have certainly gained a client for life! Reece"

"Hi there, Saturday just gone, I picked up my dream car, a 2013 black lancer LX.

I'd like to take this chance to say Lend Me Car Loan customer service was by the far the best I have ever received. What I thought was going to be tough work turned out to be the opposite. The process easy, simple and quick for me, she did the hard yards... I will be recommending friends and family... Thanks again! Regards, Stephanie"

I just wanted to say thank you... This has been the smoothest process. You and the other girls I dealt with at Lend Me Home Loans were so friendly and so efficient with everything, I felt like I was the only customer you were dealing with.

I will definitely be raving on to loads of people about Lend Me and the great service you provide.

I am stoked, this will take so much pressure off and will seriously change our lives... we can actually get ahead on payments and start saving some more money.

Thanks again, Kath :)

"Emily & I just want to take this opportunity to say a very big thank you for seeing us through our first home purchase and home loan, you have been a massive help not to mention getting us out of a sticky situation. We will definitely be in touch in the near future and will refer/recommend you to our family & friends if looking out for a friendly, helpful and reliable mortgage broker.

Take care and speak soon. Matt & Emily" 

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