The loan process explained - how an adviser can help
The role of a mortgage adviser is to make the home loan process as smooth as possible for someone wanting to buy a property. When wanting to secure finance, it’s hard to know where to start. An adviser can help guide you through the process and provide you with information and support to help you make the right decision when it comes to your loan.
A chat with your adviser
Here you’ll nut out your goals, your current financial position, and your borrowing power – to narrow down the kind of loans you’re after.
Understand what’s possible
Your adviser will present a few loan options to you. You choose one, then they get to work – preparing and submitting your loan application to your chosen lender.
Getting the go-ahead (pre-approval)
If all goes well, within a few days you’ll get the green light to borrow a set amount for a set time (usually valid for three months). This gives you a clear idea of what you can spend - and everything you need to make an offer on a property.
Finalising the loan (formal approval)
You’ve made an offer on the property and now it has been accepted. All that’s left is the paperwork which an adviser will assist you with. During this part of the process, your property will be accepted by the bank, the details of your valuation and insurance will be provided, and a settlement day will be scheduled.
Settlement - The big day
In this final stage, your adviser will coordinate the lead-up to settlement with your solicitor. Documents are signed to say you officially own the property and the funds from the bank or lender are transferred to the seller. Then you get the keys. Time to celebrate - the property is now yours!
The role of an adviser doesn’t just stop there. Loan products and rates are changing all the time, so your adviser will be in touch at least once a year to make sure the loan that was originally set up for you is still competitive and is assisting you in achieving your financial goals.