Loan application process
When the time comes to source your loan, an iFinancial Mortgages consultant will guide you through each step of the process. In the meantime, please familiarise yourself with the process by reading our basic step guide.
1. Make a Home Loan Appointment
At your initial home loan consultation we’ll discuss your financial requirements and lifestyle needs. We will identify which loans you qualify for, all costs and your estimated loan repayments. We’ll determine the most appropriate type of loan and features to best suit your circumstance. The loan application process begins only once we are both comfortable that the right loan has been selected.
2. Preparing your Application
Once the loan is selected iFinancial Mortgages takes care of the rest. All you will need to do is provide the necessary documentation. Each borrower’s circumstance and lending criteria will vary, so we’ll advise you on what’s required. There’s a general documentation checklist below which acts as a general guide when lodging applications with most lenders. Being prepared will help make the application process quick and simple.
- Passport / Visa / Citizenship Certificate
- Drivers License
- Marriage Certificate
- Medicare Card
- Two most recent Pay Slips
- Copy of Employment Contract and/or letter from your employer
- Most recent Payment Summary
- If self-employed, the last two year’s full Tax Returns and financials
- Proof of existing rental income
- Proof of proposed rental income
- Most recent Savings Account Statement
- Copy of Superannuation Statements and Share Statements
- Most recent Credit Card Statement for all cards, Personal Loans, Leases etc
- Copy of Contract of Sale of Property being purchased
3. Loan assessment
iFinancial Mortgages will manage all processes associated with your application. We professionally package your home loan application with the supporting evidence and lodge it with your chosen lender. The lender assesses your application to determine whether you meet their credit requirements. This process includes confirmation of your income and employment as well as a credit check. Your supporting documents are verified. We make sure the assessment process is as fast as possible. We hassle on your behalf to ensure that there are no snags holding up the decision.
4. Choosing your Solicitor / Settlement Agent
With your finance in place it’s time to engage a solicitor or conveyancer. You may have a local agent in mind, or choose to ask friends and family for recommendations.
5. Exchange of Contracts
The formal exchange of contracts takes place once you have decided on your property and received your loan pre-approval.
6. Settlement Day
Your solicitor or conveyancer will liaise with the lender to schedule a settlement date. Generally your loan is settled within 4-6 weeks of the exchange of contracts and the property is transferred into your ownership. Congratulations!
7. After Settlement
The first repayment on the your loan will usually be required one month after settlement. It is also worthwhile considering insurance on your property and loan. We offer a range of additional services such as Mortgage Insurance, Income Protection and Life Insurance.
Call us today on 1300 881 475 to arrange an obligation free consultation.