Getting a Mortgage | Getting a Home Loan

Outlined herein is a basic overview of the steps which need to be taken in order to get a mortgage. The complexity and exact timeframe is unique to each home loan application.

The responsibilities of your mortgage broker are as such:

• Arrange and attend meetings with you.
• Research and prepare presentations and reports of the loans best suited to your needs and situation.
• Answer any questions you may have, or inform you about anything you should be aware of.
• Preparation and lodgement of your application on your behalf.
• Administration of the loan process right through to settlement.
• Liaise between solicitors and any other parties on your behalf.
• Provide support and answer any questions or requests you may have at any stage during the life of the loan.

Your responsibilities are:

• Attend a meeting with your Capital West mortgage broker.
• Provide accurate details as to your situation, as well as your goals in terms of your future home loan.
• Provide necessary documents, such as ID, recent payslips etc. relevant to your application.
• Provide authority for Capital West to lodge the application and act of your behalf.
• Signing of security documents once unconditional approval has been granted by the lender.

The Process   Steps:     Meeting with Capital West The first step is a meeting with your Capital West mortgage broker to establish your goals, borrowing capacity, and current financial position. We recommend that these meetings be done face-to-face (we can come out and visit you at a time and place convenient to you), although this can also be done over the telephone if that is your preference. Your Capital West mortgage broker will then research and prepare a presentation and report for you with the best products for which you qualify, and which best suit your needs and current financial position.   24 hrs.   Presentation by your broker Your mortgage broker will present you with our recommendations and an explanation as to why we believe these products are best suited to you. They will also be able to show you how these loans compare with one another, in terms of actual monthly payments, facilities (e.g. offset accounts, redraw facilities and so forth). If you are happy to proceed, your broker will get you to authorise the actual application, and will collect the required documents, such as ID, payslips etc. and will lodge the application via our mortgage software directly to the lender the very same day. The lender then attends credit and other enquiries.   24 hrs.   Conditional Approval Conditional approval is usually granted within 24 hours of your broker lodging your application. Your broker will then inform you that conditional approval has been granted. Generally a conditional approval will be valid for three months. You now have the freedom to go out and make offers on a property.   Whenever you are ready to make an offer... This stage is not applicable if you are simply refinancing.   Applicant makes offer to buy a Property Once you have made an offer to purchase property you should contact your broker and provide them with the details of the purchase, including a copy of the contract of sale, details of other parties such as real estate contacts, solicitors (if applicable) etc. Your broker will need these in order to be able to communicate with all parties.   24 hrs.   Valuation All mortgages are subject to a valuation by the lender before the loan acquires the status of being 'unconditional'. Your mortgage broker and/ or lender organises a valuation, and informs you that a valuation is being conducted.   Approximately 5 days.   Unconditional Approval If no mortgage insurance is required, the lender will move to unconditional approval. Your broker informs you that unconditional approval has been granted. The lender will then send security documents which you will need to sign. If mortgage insurance is required, the lender will seek formal sign off by the mortgage insurer and/ and will then issue unconditional approval. Your Broker informs you of unconditional approval. The lender will then send security documents which you will need to sign.   This depends on the terms of sale that you have entered into with the vendor.   Settlement Between unconditional approval and settlement there is some more exchanging of documents and further communication between your broker (on your behalf) the lenders, and any other party which may be involved (such as your conveyancer or solicitor). On the day of settlement, your conveyancer or solicitor and a representative from the bank will meet together and sign off on all final documents. You are now the legal owner of the property and the mortgage officially starts its life.