The first thing you should do is talk to a Clear Vision Finance. We'll ask you questions regarding your employment history, income, assets and liabilities, and your short, to longer term goals. We'll give you an honest assessment of your borrowing capacity, and help you find a loan product that is suitable for you. We'll explain the process and all the various fees, charges and costs that are involved, to make sure you're well informed.
2. The loan application process
Once you've decided on a suitable home loan, we'll do most of the work for you, all we ask is that you give us all of the documentation that the lender requires, it can be quite a lot of paperwork, so yes, we do most of the work but you do need to help us, help you. We'll keep you on track throughout the process. Once you have signed the contract to buy a property you will have to instruct a Settlement Agent to act on your behalf. Our client's receive a substantial discount from a few different companies that we are happy to recommend. Once we send off the application to the lender, we then deal with everything right through to settlement.
Once we submit the application, the lender will certify the information provided to them, and all being well, you'll receive a conditional approval / pre-approval, for the loan, it's called conditional or pre-approved because it depends on certain criteria being met before unconditional finance is approved. If you have already found a property to purchase, or build, the lender will order the valuation to ensure that the purchase price is acceptable for the loan purpose, in most cases we have the valuation fee waived, so there's $0 cost to you.
3. Unconditional approval (the contract and settlement)
Once you receive unconditional approval from the lender they'll prepare and send out your loan contracts, once you have checked the contracts and signed them, the process can move forward to the settlement date. The Settlement Agent will handle the legal side of the purchase for you with the lender.
Congratulations! You're now the proud owner of your own home.