Novacastrian Mortgage Solutions Pty Ltd
is is authorised credit representative 383565 of Astute Financial Management Pty Ltd Australian Credit Licence holder
364253
Pre-Purchase
The search commences,
but how much can you afford? Use the loan
calculator to get a an idea of costs, then ring 02 49 208 122 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.
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’.
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".
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.
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.
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.
Day
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.
