Call 1800 85 1970
Lending Products
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The Home Loan Process
Initial Appointment
To schedule an appointment.
Call 1800 85 1970 or email ben@precisemortgage.com.au
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The aim of our meeting is to:
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understand our client's immediate & future financial goals.
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assess borrowing capacity.​​
Execute compliance documents
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Privacy & Consent Form
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Credit Guide and
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Client Fact Find.
1
The Right Lender & Product.
Our search involves:
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discarding lenders that don't satisfy the Requirements & Objectives of the client
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a product research across remaining lenders comparing price, features & service.
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Provide a list of lenders to choose from, recommended for having a product that we believe is suitable.
2
Submit Lender Application
Once a lender is chosen the next step is to complete and submit the lenders application form together with supporting document detailed on the application checklist.
Where possible, to avoid delays, it's better to provide all supporting documents at the same time.
3
Pre-approval
(subject to satisfactory valuation)
To ensure it's complete, a preliminary assessment of the file is conducted.
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The file is then transferred to an Underwriter, who will conduct a full credit assessment.
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If satisfied the Underwriter will issue a Pre-approval – (subject to valuation of an acceptable security) & anything else they require.
4
Formal Approval
Once a satisfactory valuation is received, and providing all other conditions have been met the lender will issue a Formal Approval marking then end of the underwriting process.
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5
Solicitors Instructed
Following Formal Approval, The lender will instruct Solicitors to prepare and forward a loan pack.
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Among other documents, the pack will include:
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a Loan Agreement, prepared in accordance with the approval.
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Mortgage Documents and
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instructions on how the documents must be executed..
6
Preparing for Settlement
Once documents are returned, and providing they’re properly executed a process known as Certification begins.
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It involves a series of steps, such as a Final Title Search, preparation of final pay-out figures and so on…
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Once complete, those acting on behalf of all parties will certify as ready and a settlement date is booked
7
Settlement Day.
Refinance settlement.
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Payment made to the outgoing lender old loan paid out.
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​Old Mortgage is discharged.
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​New Mortgage is registered.
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Purchase settlement.
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Your Solicitor advises the lenders’ Solicitor who to pay.
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​Following payment, ownership is transferred to you.
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​Lender registers the Mortgage.
8
Congratulations
WELCOME ABOARD
