A Step by Step Guide to Getting a Home Loan
It’s easy to get distracted in the process and only focus on the immediate goal of getting the home loan approved.
Now, whilst that’s vitally important, you also need to focus on getting the right loan that meets your needs, and fits in with your long term financial goals.
First Home Buyers form a large part of the property market, and according to Owen Kirk Finance Broker there’s a range of government incentives and fee discounts available to them including the First Home Owners Grant and various Stamp Duty and property transfer fee reductions. It’s important to cover these areas and we’ll focus on First Home Buyers in a future blog.
OK, getting back to the home loan process there are a few key steps to remember.
Before embarking on your journey to find that dream home, it’s important to know what your borrowing capacity may be considering income, expenses, and personal circumstances. It would be devastating to go out and find the perfect home, get all excited, and then find out you don’t qualify for the loan amount needed.
It’s important to note at this point that the purchase process (in terms of contracts) varies considerably between the States in Australia. In Queensland, home buyers sign a purchase contract at the beginning of the process. This differs from some of the states where the contract is signed on the day of settlement, so it’s important to get things right.The contract in Queensland outlines the property details, the buyer/seller details, as well as the price and other relevant information.
The finance and settlement dates are two of the key conditions, and it’s important to ensure there is enough time for the solicitor, Hewcorp Finance as your Finance Professional, and the lender to complete all the necessary steps before the approval and settlement dates. Your solicitor will advise you on these issues.
Once the contract is signed, your Finance Professional will submit a formal loan application to the selected lender for approval, or apply to have any Pre-Approval that’s in place converted to a full approval. The approval of the loan will trigger loan contracts being sent to you for signing. Your Finance Professional can provide you with any clarifying information relating to the loan product and features, and you should also seek advice from your solicitor regarding the loan contract.
With the signing of the loan contract and its return to the lender, your solicitor, Finance Professional and lender will work towards the settlement day when funds are exchanged and ownership transfers to you!
The process of buying a home and getting a home loan can be quite complex. It’s vitally important you have professionals working for you to make the process as seamless as possible, and to deliver a positive outcome.
The Hewcorp Finance team delivers real service, peace of mind and a level of professionalism you can count on.
Hewcorp Finance provides professional home, motor vehicle, truck, caravan, marine and asset finance services to customers in Redland Bay, Bayside suburbs, and the greater Brisbane region. You can follow Owen on LinkedIn LIKE us on Facebook, or view information about home loans on our website.
Written and Published by www.presentprofessionally.com.au