Have you ever wondered what it's like to apply for a home loan through a finance brokers? How did this process begin? What kind of effort does it take? How did the finance broker work with you?

Applying for a home loan can be daunting, especially if you’re looking to buy your first home. So we’ve outlined what you can expect when you initiate your home loan journey with one of our experienced finance brokers. Here are the steps involved:

It will be daunting when applying for a home loan especially if you want to buy your first home. As such, with one of our experienced finance brokers., the following steps are included in our outline when you initiate on your home loan journey:

1) Connecting with your finance brokers

Firstly, you must initiate the contact with your finance brokers.

When you first contact with one of our finance brokers, just to get a basic understanding of your financial situation and goals, they will arrange a time to meet with you. They will explain the process to you and ask you to compile certain documents in order to proceed with a home loan application. We have the resources and experience to help you complete your home loan journey.

2) Evaluating your circumstances

You will need to provide your finance brokers with the necessary documentation and information after your initial contact with them, to begin building a list of home loan products that are right for you.

The following examples of documents and information are required to provide:

• Identity documents (e.g. passport or driver’s licence);

• your current employer and their contact details;

• recent tax returns;

• a history of payslips;

• a list of personal assets or liabilities.

Importantly, the finance brokers has certain obligations to you as a consumer in this process, which is worth emphasizing:

• Before your finance brokers can suggest suitable home loan products, they have an obligation to fully understand your financial needs and goals. This means they need to take the time to get a clear picture of your expenses and general living expenses. Be prepared to take the time to clearly explain your financial situation.

• Finance brokers might also seek a privacy consent. It allows them to run a credit check without leaving any trace of an inquiry on your credit history, so this is quite important. Our finance brokers try to make sure there are no forgotten financial liabilities that could jeopardize your loan application.

3) Selecting the right loan

You will receive a list of recommendations in the form of a Credit Proposal Disclosure Document after you have provided all the necessary documentation for your loan application to your finance brokers.

There are a few things to keep in mind when deciding which option is best for you:

• Ensure that loan features, interest rates, and fees meet your expectations and requirements.

• Always ask your finance brokers about turnaround times associated with your home loan. Some lenders are likely to experience higher delays than others. If you need a quick settlement, be sure to inform your finance brokers!

4) Submitting your application

Your finance brokers will handle the paperwork, submit your application to the lender of your choice, and keep it updated throughout the application process once you have decided which home loan you want to apply for.

Often, there may be some back and forth between the lender and your finance brokers, but don't worry, the lender is just scrutinizing your application and seeking supporting documentation from you (the borrower).

Your finance brokers will handle the process for you and be responsible for the whole conversation with your lender.

5) The Lender’s decision

Your loan will get approved if everything goes according to plan. However, if things don't go your way, your finance brokers will continue to work with you to find other options.

There are usually additional steps to complete if your application is approved. For example, you might be asked to:

• Sign mortgage and loan documents

• Arrange insurance

• Set up payment options with your lender

As always, your finance brokers will go with you throughout this process.

6) Settlement

Once your application has been approved, it's time to decide to purchase your property.

It is usually recommended that you hire a solicitor or conveyancing to ensure that the settlement with the seller of the property goes smoothly. If you're not sure who to talk to, generally speaking, your finance brokers will guide you to find reliable professionals.

7) Becoming a homeowner

Once it's all said and done, you'll have a house. Your lender will often provide you with online access to keep up to date with your loans.

But keep in mind that settlement of your loan is just the beginning of your mortgage journey. Actively managing your loans can help you save thousands of dollars in the long run, so you may want to maintain a dialogue with your broker, as they can monitor your home loan after settlement.

Feel free to chat to one of our experienced finance brokers today if you are looking to start your mortgage journey, or you have some questions related to home loans.