Applying for a homeloan, especially if you are a first time home buyer can seem daunting. This is why we are here to help you through the process. Not only is our service 100% free, we also complete all the necessary paperwork and negotiate the best deal possible for you with the banks.
See below a basic explanation of what to expect and how to apply for a homeloan.
Step 1: Getting pre-qualified
Getting Pre-Qualified not only shows the buyers that you are serious and can afford their property, but it also allows you to look for houses in your price range. Get Pre-Qualified
Step 2: Find your Dream Home
A Qualified Estate Agent can help you narrow down some houses in your ideal price range and location. Once you found your dream home, you need to put in an offer by signing a sales agreement.
Step 3: Decide on a Deposit
Determining the amount of money you plan to use for your deposit can also help you decide how much home you can afford. Have a look at our deposit savings calculator how much you need to save and for how long.
Step 4: Choose a Mortgage Originator
Homeloan Junction is a mortgage originator, we are here to assist with your home loan application. Not only is our service free, but we have long-term relationships with both banks and conveyancers to make sure that we are canvassing all our options to get you the best possible terms on your homeloan.
Step 5: Apply for a Homeloan
During this step, you will provide the bond consultant with the required documentation as per bank criteria. We are here to help and guide you through this process.
Step 6: Approval in Principle
After submission of the homeloan application, an approval in principle will be provided by the various banks subject to valuation. Please note that an approval will only be provided if you meet the bank’s lending criteria. If you have been prequalified by Homeloan Junction we have assessed your financial situation and prequalified you to apply for the homeloan, but it is the bank’s process to further evaluate your viability for a homeloan. If you have not prequalified you can use our Affordability Calculator to see the size bond you are likely to qualify for.
Step 7: Property Valuation
Valuation inspection of the property is arranged by the bank through your estate agent and the seller. The valuation is done to assure the banks that the value of your property does in fact match or exceed the loan amount you applied for.
Step 8: Final Quotation
Once the house has been evaluated by the bank, they will send you a final quotation. This indicates repayment amount, interest rate and property description. You will be asked to review and accept this offer.
Step 9: Start with the Registration of the Property
A signed quotation will be sent to the lenders to proceed with the application, the instruction will be forward to the conveyancer of the banks choice, to attend to the registration of the property.
You will be asked to Sign transfer documents with the transfer and registering attorney
Step 10: Pay Transfer Costs
You will be asked to make payment of transfer costs to the registering attorneys. Use our Bond and Transfer costs calculator to get an idea of what this amount will be.
Step 11: Lodge Registration with the Deeds office
Once all the documentation have been prepped for the deed office by the attorneys, lodgement will take place. On registration the bank will release the amount and the attorneys will pay the relevant parties.
Step 12: Property is Registered
Your property has registered and is yours. Congratulations! You can now go ahead and open all your necessary accounts e.g councel accounts.
A great way to pay off your homeloan faster is to increase your monthly payment. Use our amortisation calculator to see how much of your bond instalment goes towards interest and how much towards reducing the actual homeloan amount.
If you are looking to make some improvements to your new home, have a look at our Further Loan options.