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, you can familiarize yourself with the process below, by reading our basic step guide to the home loan process.
1. Make a Home Loan Appointment
At your initial home loan consultation, we will discuss your financial requirements and lifestyle needs, along with identifying which loans you qualify for and your estimated loan repayments and costs. We will determine the most appropriate type of loan and features to best suit your circumstance. Once we are both comfortable that the right loan has been selected, the loan application process begins.
2. Preparing your Application
Once we have selected the loan that best suits you, iFinancial Mortgages take care of the rest. Each borrower’s circumstance and lending criteria will vary, therefore we will advise you on all necessary documentation required. In the meantime however, you may wish to review the documentation checklist below, which acts as a general guide when we lodge 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 manage all arrangements associated with your application – right through to post-approval. We professionally package your home loan application with the supporting evidence and lodge it with your chosen lender. The lender then assesses your application to determine whether you meet their credit requirements. This process includes confirmation of your income and employment, along with a credit check. Your supporting documents are also verified at this time. During the assessment process, we pick up any dragging feet, hassle on your behalf and ensure that no problems occur.
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 someone they can recommend.
5. Exchange of Contracts
Once you have decided on your property and received your loan pre-approval, the formal exchange of contracts takes place.
6. Settlement Day
Your solicitor or conveyancer will liaise with the lender to schedule a settlement date. Generally within 4-6 weeks of the exchange of contracts, your loan is settled 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 the settlement date. 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.