Guide to Home Loan
Buying a property can require a lot of time and energy. A finance adviser can take part of the work from you.
But you still need to find the house, don’t you? Go shopping and we will look after the rest!
Fidelis Financial aims to make the home loan approval process as easy and straightforward as possible so you know what to expect each step of the way. In summary, the steps to home ownership are:
Step 1: Home loan appointment
At your home loan appointment your Fidelis Financial Mortgage adviser will help you select a home loan that is right for you, explain all the details of your chosen loan and help you complete the loan application form.
Step 2: Home loan application
Your adviser will professionally package your home loan application with the supporting evidence and then lodge it with your chosen lender – often electronically. The lender will assess your application, let us know if more information is required, perform credit checks and, if necessary, arrange a valuation of your property and organise mortgage insurance.
Step 3: Home loan approval
Your lender should then be in a position to advise your Fidelis Financial adviser that your loan has been unconditionally approved. Your adviser will let you know immediately. At this stage you should to organise your building insurance, which will be needed for settlement.
Step 4: Home loan offer
Your lender will send you a loan offer for you to sign and return. The home loan offer is your loan contract and outlines the terms and conditions of the home loan, including the interest rate, term and the range of possible fees.
If you have any questions about any of the documents, please just give us a call on 1300 764 247 and we will help you.
Step 5: Mortgage documents
Your lender will send you or your conveyancer your mortgage documents to be signed and returned. These documents include the lender’s standard terms and conditions as well as the legal document giving the lender security over the property.
Step 6: Home loan settlement
Your lender will liaise with your conveyancer to arrange for settlement to take place. The home loan will be ‘drawn down’ and the property will transfer into your ownership. Congratulations!
We have an extensive step-by-step guide that will take the pressure and worry out of the process.