Before you begin your home buying journey, it's important to have a clear understanding of your financial position.

Contact your Mortgage Broker to assist with the following:

✅ Calculate Your Borrowing Power
Your broker will review your income, living expenses, and existing debts to estimate how much you may be able to borrow. This helps set a realistic price range for your property search.

✅ Check Your Credit Score
A strong credit score can increase your chances of loan approval and help you access more competitive interest rates. Your broker can guide you on how to check your score and suggest ways to improve it, if necessary.

✅ Save for a Deposit
Most lenders require a deposit of 5–20% of the property value. Your broker can advise on the ideal deposit amount for your circumstances and help you prepare for additional costs like stamp duty, legal fees, and building inspections.

✅ Get Pre-Approval (Optional)
Pre-approval gives you clarity on your borrowing limit and strengthens your position when making offers.
Your broker can assist in securing pre-approval from a suitable lender. Even if formal pre-approval isn’t obtained yet, your broker’s assessment typically aligns with lender expectations—providing you with a reliable estimate of your borrowing power and helping you house-hunt with confidence.

🗂 As part of the pre-application process, your broker will:

• Request your financial documents

• Verify your identity

• Conduct a pre-assessment of your borrowing capacity

• Provide loan repayment estimates

• Compare current interest rates and loan features

• Offer guidance tailored to your financial goals

Once you’re financially prepared, the next step is to formally apply for a home loan.

✅ Choose a Lender or Mortgage Broker

Working with a mortgage broker can simplify the process. Brokers have access to a wide panel of lenders and can compare multiple loan products to find one that best suits your financial goals and personal circumstances. They’ll also guide you through the entire application process, helping with paperwork and ensuring everything is submitted correctly.

✅ Submit Your Application
Once you're ready and in a position to purchase, your mortgage broker will assist you in completing the full loan application and submitting it to the selected lender.

You’ll need to provide updated financial documents, as those used during your initial pre-assessment may have expired—especially if some time has passed while you searched for the right property or worked toward being financially ready.
Your broker will also reconfirm that there have been no significant changes to your financial situation since the pre-assessment stage.

They will ensure the following documents are current and complete:

• Proof of identity (e.g. passport, driver’s licence)

• Income documents (e.g. recent payslips, employment letter, tax returns if self-employed)

• Details of living expenses and existing debts (e.g. credit cards, personal loans, HECS/HELP)

• Property details (if you’ve found a home)

Once submitted, the lender will begin formally assessing your application.

As part of the application and purchase process, it is essential that you:

⚠️Seek a cooling-off period in the contract of sale. This clause gives you the legal right to withdraw from the purchase under specific conditions—typically within 3 to 5 business days, depending on the state or territory.

While this is the standard timeframe, we strongly recommend requesting a 10-day cooling-off period where possible—especially if a finance clause is not included in the contract. This extended timeframe allows you to:

• Have your home loan application formally assessed

• Complete property inspections and valuations

• Carry out any additional due diligence

Requesting a longer cooling-off period provides greater protection and peace of mind as you move forward with the purchase.

⚠️ Finance Clause: Essential Protection for Loan Approval

In addition to (or in place of) a cooling-off period, you should ensure a finance clause is included in the contract of sale—commonly known as a “subject-to-finance” condition.

This clause protects you in case your home loan is not approved, or if it is approved under terms that are not acceptable to you. Without this clause, you may still be legally bound to proceed with the purchase—even if your finance falls through—putting your deposit and legal position at risk.

We recommend requesting a minimum 10-day finance clause, which allows time for:

• The lender to complete a formal loan assessment

• Property valuation to be carried out

• Any outstanding documents or lender conditions to be resolved

Once your application has been submitted, the lender will begin a thorough assessment to determine whether to formally approve your home loan.

During this stage, the lender will:

✅ Review your financial position
They will assess your income, expenses, assets, liabilities, and overall financial stability to ensure you can comfortably meet the loan repayments.

✅ Conduct a credit check
The lender will review your credit report to assess your repayment history, credit score, and any existing credit facilities.

✅ Order or confirm a property valuation
If you've selected a property, the lender will either:

• Order an independent valuation, or

• Confirm an upfront valuation (if one was completed by the broker earlier)

This step helps the lender determine whether the property's value supports the amount you're borrowing and aligns with lending policy.

Once your application and property valuation have been assessed, the lender will issue a loan approval. This happens in two key stages:

🔸 Conditional Approval
Also known as pre-approval or approval in principle, this means your loan is approved subject to certain conditions—such as a satisfactory property valuation, verification of documents, or no changes to your financial situation.

It gives you confidence to make an offer but does not guarantee final approval until all conditions are met.

⏳ Validity: Typically valid for 60–90 days (varies by lender).

🔸 Unconditional (Formal) Approval
This is full loan approval—all conditions have been satisfied, including the property valuation and any required documentation. At this point, your lender is fully committed to funding the loan.

You're now clear to sign loan documents and proceed to settlement.

⏳ Validity: Generally remains valid until settlement, provided there are no changes to your financial situation.

💡Important: Avoid making major changes to your employment, income, or taking on new debt during this period, as lenders can still withdraw approval prior to settlement if your financial position changes.

Once your loan is unconditionally approved, the lender will issue a formal loan offer, which outlines the full terms and conditions of your loan.

✅ Review Your Loan Contract Carefully
Take the time to read the loan agreement thoroughly. It outlines key details such as:

• Loan amount and term

• Interest rate and repayment structure

• Fees, charges, and any special conditions

It’s strongly recommended that you seek legal or conveyancing advice before signing to ensure you fully understand your obligations.

✅ Sign and Return Required Documents
Along with the loan contract, the lender may require you to complete and return:

• Mortgage documents

• Direct debit authority

• Any other supporting forms

✅ Arrange Home Insurance
Lenders typically require building insurance to be in place before settlement. You'll need to provide a certificate of currency as proof.

Once all signed documents are returned and verified, your loan will be prepared for settlement.

Settlement is the final step in the home loan process—when funds are released and legal ownership of the property is transferred to you.

✅ For a Property Purchase
Your solicitor or conveyancer will work closely with your lender to coordinate:

• The transfer of loan funds to the seller

• Registration of the property in your name

• Finalisation of legal documents, adjustments, and disbursements

Once settlement is complete, you receive the keys and can officially take possession of the property.

Your broker and conveyancer will keep you informed throughout and guide you through what to expect on settlement day.

Once settlement is complete, your home loan is officially active and repayments begin—usually one month after settlement, depending on your lender.

✅ Set Up Repayments
Arrange direct debit payments from your nominated account to ensure repayments are made on time. Your broker or lender will provide your repayment schedule and loan account details.

✅ Monitor Your Loan Over Time
Keep track of your interest rate, loan features, and repayments to ensure your home loan continues to meet your needs. As your circumstances change, you may consider:

• Making extra repayments

• Switching to a different loan product

• Refinancing to access a better rate or release equity

Your mortgage broker can assist with reviewing your loan regularly and recommending changes if beneficial.

Your relationship with us doesn’t end at settlement. In fact, one of the most valuable parts of our service is helping you review your loan regularly to ensure it still suits your needs—especially as your financial situation and market conditions evolve.

Here’s what you can expect from our post-settlement loan review process:

✅ Annual or Scheduled Reviews
We’ll check in with you periodically—typically once a year—to review:

• Your current interest rate and repayment setup

• Any changes to your income, employment, or lifestyle

• Your financial goals (e.g. upgrading, investing, debt consolidation)

✅ Compare Your Loan to the Market
We’ll compare your current home loan with products available across our lender panel to see if there’s a more competitive option in terms of:

• Interest rates

• Features (offset, redraw, etc.)

• Flexibility and structure

If there’s a better fit, we’ll advise whether it’s worth:

• Negotiating with your current lender

• Refinancing to another lender for savings or flexibility

✅ Tailored Recommendations
Whether you’re planning renovations, buying an investment, or aiming to pay your loan off faster, we can guide you through:

• Accessing available equity

• Structuring offset or redraw facilities

• Adjusting your loan term

• Switching between fixed and variable options

✅ Reminders & Proactive Support
We’ll help you stay on top of key events, including:

• Expiring fixed-rate terms

• Ending introductory offers

• Break costs or early exit conditions

• When your next loan review is due

💬 Here When You Need Us
Whether it’s been 6 months or 6 years, you can always reach out for up-to-date advice, comparisons, or guidance for your next move.