The Seven Steps for Purchasing a Home
Buying a home is a monumental financial milestone that can seem intimidating if you’re new to the process. But don’t worry, Lending Guide is here to demystify the journey for you.
We’ve distilled the entire experience into a straightforward 7-step guide, designed to make home buying accessible and less daunting for everyone.
What do you need to prepare a home loan application?
Before taking the plunge into homeownership, ensure you’re fully equipped for the journey. This involves determining your borrowing capacity and repayment abilities, accumulating a sufficient deposit, accounting for all associated costs, and selecting the most suitable mortgage option. Once you’ve ticked all these boxes, you’re set to make your home purchase!
The Home Loan Application Process
While each lender has their own specific procedures, we’ve outlined the general steps you can expect below.
Utilise Lending Guide’s match-making process to find the perfect broker for you.
Your Lending Partner will tailor their advice and mortgage options to align perfectly with your individual needs, making the process smoother and more personalised.
Get your loan application ready.
Once you’ve agreed on the perfect mortgage solution for you, get your loan application ready with the help of your Lending Partner who will streamline the process, making it as seamless as possible for you.
Provisional permission.
The lender will give you provisional permission whilst they evaluate the value of the property and check your credit history. Your Lending Partner will keep you updated on the progress and stay in contact with the lender.
Full approval.
Congratulations! Full approval signifies that your dream of homeownership is now a reality, as your home loan application has been officially accepted.
Sign the loan papers.
Securing a loan is a significant milestone. Once the loan documents are ready, your Lending Partner will arrange a dedicated meeting with you to guide you through the paperwork, ensuring every detail is in order.
Repaying the Loan.
Making timely repayments on your loan is essential for maintaining a healthy credit score and achieving long-term financial stability. Your Lending Partner will help you set up a repayment schedule that aligns with your financial goals, making the process manageable and stress-free.
Home loan completion.
Stay Connected: Support doesn’t end once your loan is finalised. Your Lending Partner will maintain ongoing communication to continually assess whether your home loan remains the optimal choice for your current and future financial needs.
Planning to invest?
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