Navigating the Path to Pre-Approval
Achieving your dream of homeownership in Australia involves several essential steps, and one of the crucial milestones in this journey is obtaining pre-approval for your home loan. In this comprehensive guide, we'll walk you through the process of reaching pre-approval with Fidelis Financial Solutions, highlighting key stages and important considerations.
Lodging the Application
The journey towards pre-approval begins with a conversation, a chat between you and one of our experienced mortgage brokers. This initial conversation is an opportunity for us to understand your unique needs, priorities, and financial situation. It's your chance to share your goals, preferences, and any specific requirements you have in mind.
Following this conversation, your broker will provide you with a link to our Client Centre via email. Here, you'll be asked to fill out essential information and details about your personal and financial situation. This step is crucial as it forms the foundation of your home loan application. We recommend taking your time to ensure the accuracy and completeness of the information provided.
In addition to completing the Client Centre, you'll be required to forward necessary supporting documents. These documents serve as evidence of the information provided in your application and include proof of identity, income, and financial statements. The sooner you can provide these documents, the smoother the application process will be.
The Validation Call
Once you've completed the Client Centre and submitted the required documents, our team will review the information provided. This thorough review ensures that all details are accurate and aligned with your financial situation. It's worth noting that, as part of this process, we'll examine your living expenses, assets, and liabilities in detail. During this phase, please be aware that all active liabilities must be disclosed, including those credit cards with zero balances. If a credit facility is active, it's considered accessible, and we need to include it in the calculation of serviceability.
Addressing Concerns and Clarifications
After we've thoroughly reviewed your information, we move forward to the validation call. This is a critical step where one of our loan processors will get in touch with you to validate the details you've provided in the Client Centre. This call ensures that there are no discrepancies and that we have a comprehensive understanding of your financial position. During the validation call, feel free to ask any questions or seek clarification on any aspect of the application process. Additionally, your broker will be available to address any concerns or clarifications raised by the assessor at any point during the assessment period.
The Path Ahead
With the validation call complete and all your information accurately verified, you'll have reached the pre-approval stage. This means that you now have a clear indication of your borrowing capacity and are well-equipped to start the exciting journey of property hunting. The next steps in this process include looking for a property and placing an offer. Here, it's essential to have a conversation with a conveyancer before signing any contracts. This step is crucial to ensure that you fully understand the legal implications of the property purchase. Before placing an offer, always come back to us. Depending on the time that has elapsed since pre-approval, we need to check if the conditions still stand. Market conditions can change, and it's essential to have up-to-date information to make informed decisions.