Put Forward A Winning Homeloan Application
Applying for a homeloan can be daunting so we aim to make the experience much simpler for you. Your Perth Mortgage Broker can assist you at every stage of the application process. Lenders Scoring SystemsYour application will be given a weighted score once the lender has processed all the details on your application form. There is a pre-determined level which you must pass, then you will probably be pre-approved, and if your application is in order, then this generally means you are approved, subject to property valuation.
If your application does not pass the computer scoring system, you will be asked for more information and documents and a (human) credit manager will receive your application to manually assess your case. Enlist the help of a mortgage broker to help push your application along.
Service standards can vary between the range of lenders and over different times. Approval time may not be important to you if you have a long settlement time, or are seeking pre-approval.
Credit HistoryA major factor home loan lending is your credit history. Your credit profile will be assessed and lenders will look at factors such as personal details, credit applications from the previous five years, overdue accounts, bankruptcy information and public record information.
Property ValuationIf you are applying for a home loan, the property you wish to buy will need a property valuation. This is so that the lender can determine that the valuation is within the parameters of the conditional approval amount. Until the valuation has been completed the loan may be ‘conditional’. Once the valuation report has been sent to the lender, the loan will be fully approved. Keep a copy of all the documents for your own records.
Personal IdentificationAll home loans need proof of identity, no matter what the loan product is. All loan types, including low doc and no doc home loans require you to show personal identification.
Pre ApprovalThe biggest advantage with pre-approval is that consumers are aware of their borrowing capacity when looking at homes, and do not waste time looking at properties that are not within their price range. Consumers can confidently view homes, attend auctions and feel confident to put in a offer at home opens, once they have pre-approval.
All Home Loan Pre-Approvals are subject to the conditions under which the approval is granted. As a guide, these generally include:
• finding a suitable property
• receipt of a registered valuation
• mortgage insurance acceptance (if applicable)
We have a range of mortgage services to assist you along the way. So call us on
or submit your details on line.