If you are trying to get a mortgage in Australia, there are a few things you need to know to help make it more likely for your application to be approved. Most people are simply unaware of all of the steps required to get a home loan in Australia, and because of this, we have produced this handy little guide which will take you through all of the steps.
Getthe Information You Need So You Can Compare All of the Available MortgageOptions
The first step towards getting a mortgage is to familiarize yourself with the different types available and their requirements. Your bank should be able to give you all of the information you need, but then it will be up to you to read through it all so you will be prepared to decide which type of home loan is right for your needs.
Any reputable lender should be able to give you everything you need to know about all of the different types of home loans available, as well as information on the extra charges and fees associated with the loan. This step is incredibly important as it will help you decide which the best loan is for you.
By comparing the fees for each option, you will be able to make a more informed decision. One way to compare each loan offer is to look at an independent measure known as a lender comparison rate. This comparison rate looks at the charges and fees for each loan to allow you to directly compare all of the different loan offers.
Findthe Right Home Loan for Your Needs
When comparing all of your different home loan options, one thing you need to look for is to see which mortgages fit your particular requirements. There is no need to spend your time comparing a certain loan if it is unsuitable and will not meet your requirements. So it is important to look through each offer and determine which ones will actually fulfill your requirements. Again, your lender should be able to give you all the information you need about the various benefits and features for each type. This information should be used to help you decide if the loan fits your needs or not.
Makea Decision, File Your Application and Get Pre-Approved
After deciding on one type of loan, the next step will be to get all of your documents in order and submit an application to the lending agency. Be sure to be completely honest on your application, as any false information will be found out and make it more difficult to get approved. Your lender should be able to tell you exactly what documents will need to be submitted with the application, so make sure you have all of your documents in order before submitting the application. Your lender will take their time to go over your application and do credit checks, and any missing information will make the entire process take longer. After submitting your application, all you need to do is wait to see if you have been pre-approved.
AfterYou've Been Pre-Approved
Once you have been pre-approved for the home loan, you will then need to take several more steps before you actually receive any money. The things you will need to do include:
- Get a copy of the sale contract and have it legally reviewed.
- Have the building and property officially inspected.
- Make an official offer to purchase the Real Estate.
- Have the property appraised and your loan formally approved.
- Pay the required deposit to sign the contract.
- Hire a lawyer to finalise the mortgage documents.
- Purchase insurance for the building and your assets inside the home.
- Settle the deal and get the keys to your new home.
Article Credit: Published in behalf of For Sale For Lease Pty Ltd - one of Australia’s leading owner-assist real estate advertising agency that caters private advertisers - residential, commercial and business.