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| Pre-Purchase |
| The search commences,
but how much can you afford? Use the loan
calculator to get a an idea of costs, then ring 1300 764
303 where we will arrange a meeting with you to discuss the
options to purchase your property or investment. |
From this a
"Pre-approval" for finance may be arranged and the
figure you can spend on a property can be determined.
Now you go shopping, working with a real estate agent to locate
the property you desire. |
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| Day
1: Application |
| Once the property
is selected we complete the home loan application. Items to
bring to the mortgage application meeting can be obtained from
‘Enquire about Finance’. |
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| Days
1-3: Processing |
Novacastrian
Mortgage Solutions then submits the loan application to the
selected lender.
All the checks are then initiated by the lender - property valuation,
credit report, information verfications.
The lender then submits the loan details to the mortgage insurer.
If all is OK the lender grants "Conditional Approval". |
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| Days
3-5: Processing |
The Property
Valuation is received.
The lender re-submits the loan to the mortgage insurer.
Now the contracts and legals...Don't stress its just more paperwork.
At this point if the building/s are not new building & pest
inspection reports are arranged.
When the loan is approved the legal contracts are exchanged.
Relevant searches are also commenced, done by a Solicitor or
a Conveyancer.
There are expenses that must be paid these will include a deposit
(or deposit bond) and additional costs. |
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| Days
5-10: Receipt Of Letter Of Offer |
This means that
the required conditions have been met and a formal approval
is OK.
Then you sign your loan offer with the lender, therfore it is
imperative that you ask all the questions you and your partner
have. |
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| Days
10-42: Pre-Closing – When The Loan Is Approved |
The timetable
of the legals, payment/s and occupation is determined.
Stamp Duty may be settled at this point. |
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42: Settlement |
Once the ownership
of the property is proved (The title of the property) the funds
are transfered.
At this point you move into your new home. |
It may happen
faster than 42 days but this is the average time taken.
If circumstance require a different timeframe chat with your
solicitor early in the process. |
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