Home Loan Application Process
Get in touch
Talk to us, if you’re looking for a home loan from an award winning credit professional, ask us to call you or phone 1800 479 482. It costs nothing to speak to a Switch Now Home Loans credit advisor, who can quickly help find out how much you can borrow and which loan may best suit your needs, plus answer any questions about the process. Unlike a bank, we can offer you a range of home loans from over 30 lenders and advise you on the best lending structure to match your goals.
Arrange a pre-approved loan
If you have started your property search, a pre-approved loan can be very useful. A home loan pre-approval gives you a clear picture of what you're spending limits are and gives you peace of mind that if you find a property that you are really interested in, you can move quickly to make an offer. And it may just put you in a stronger negotiating position than other potential buyers who don’t have pre-approval. A Switch Now Home Loans Credit Advisor can take care of the paperwork to help you get home loan pre-approval today.
Make an offer and sign a Contract of Sale
Whether you buy property at auction or make an offer on a listing, your agreement with the vendor only becomes a legal commitment when a Contract of Sale (Offer of Acceptance in WA) has been signed by both parties. This contract will confirm the selling price as well as any terms and conditions. Your commitment will usually be subject to lender approval, and you may also choose a building inspection report and/or pest inspection.
The period from signing a Contract of Sale to Settlement – when the property becomes legally yours – is usually four to six weeks (shorter in some states, such as Queensland).Note: even if you have a pre-approved loan, your lender may still need to complete a valuation of the property you have chosen before issuing full approval.
Pay a deposit
A deposit is required once a Contract of Sale has been signed by both parties (sometimes called ‘exchanging contracts.’) You won’t yet have access to your home loan, so your deposit will need to come from savings or elsewhere. You may also have the option to be able to arrange a deposit bond until settlement. We recommend a small holding deposit on exchange of contract and balance of which is due on finance approval, unless you have purchased at auction. Speak to Switch Now Home Loans Broker about your deposit options.
Appoint a conveyancer
You will need a solicitor or conveyancer to check the legalities of the Contract of Sale. Your conveyancer will also check all rates and taxes have been paid, check land use or building approvals for the property and order any relevant searches. They may also help sort out any inspections. On settlement day, the conveyancer will check the correct amount of money has been transferred from your lender to the seller and all fees - such as Stamp Duty – are paid, so you can take legal ownership of the property. Switch Now Home Loans can recommend reliable solicitors or conveyancers in your area from $595.00 plus GST.
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Cooling off period
If you didn’t buy your property at auction, you may have a cooling off period where you can cancel the contract, although there may be a small penalty. Cooling off periods vary from state to state. A local solicitor or conveyancing firm can advise you on terms of what your rights may be.