Step 5. Get the application approved

Having found a suitable deal, it’s time to find out if your lender of choice wants you as badly as you want them! Find out exactly what hoops you are required to jump through in order to get home loan approval and ensure that you have the required documentation.

Procedures vary from lender to lender but it is likely you will be issued with either a ‘home loan guarantee certificate’ or a ‘pre-approval certificate’. These are very handy pieces of paper which state that (subject to a few conditions) your home loan either has been, or will be approved when you have found the property you want to purchase. One of the typical conditions attached to these certificates is ‘subject to valuation’ which makes sense – if you pay way too much for a home, you’re likely to scare your lender and they won’t advance you the cash.

Loan approvals don’t last forever, and are typically from two to four months. If you find your pre-approval has expired or is about to, contact the lender and see if it can be extended of if you have to re-apply.

 

Our Comment
It is human nature to want to buy the best house that is available to you in your price range. That usually means that people want to borrow up to their maximum limit and sometimes beyond. Of course, borrowing at your maximum limit is the loan that is the hardest to get approved. Therefore, it is very important to present the application to the lending institution complete and in the manner in which they expect to see it. This eliminates much frustrating time going back and forth but may also improve the chances of getting it approved. You have to remember that the credit officers in the banks are only human and therefore making a good first impression is very important.
As professional mortgage brokers we are trained, by the lending institutions, in loan preparation and presentation. Secondly, we are experienced in this area as we submit applications every day.

What our customers say about us

Thanks for all your help and for making it so easy for me. Life will be so different now.

Jan Vincent
Montrose, VICTORIA

Thank you for your time on the phone yesterday and copying me into the below email.
I just wanted to take the time to say that I have never seen such a comprehensive email provided to clients by a Broker before. Very clear and detailed.
I hope it’s ok that I hold onto your details to refer to clients who may need assistance.
Kind Regards,

Shannon Oatley
Director & Licensed Conveyancer
Property Conveyancing Group, VICTORIA

We have found Barry Le Brocq of Melbourne Mortgage Finance to be very patient, caring and diligent in achieving a successful outcome to our refinancing requirement. We have no hesitation in recommending his services to others.

Don & Christine Perrett
Leongatha, VICTORIA

Many thanks Barry for the exceptional service that you have provided. We will most certainly be recommending you to our daughter (Bank of Melbourne branch manager) for any future customers who need a reverse mortgage loan.

Paul & Barb Spark
Somerville VICTORIA

 

LENDING UPDATE 14.06.19

  • LIVING EXPENSES ARE NOW A KEY ISSUE
  • COMPREHENSIVE CREDIT REPORTING NOW IN EFFECT
  • INVESTMENT LOANS AT OWNER-OCCUPIER INTEREST RATES
  • REVERSE MORTGAGE LOANS FOR SENIORS OVER 60
READ MORE

Melbourne Mortgage Finance offers an extensive range of mortgage products and services including

Home Loans, Investment Loans, Equity Access Loans, Low Doc Loans, 100% Loans, Refinance Loans, Commercial Loans, Deposit Bonds, Reverse Mortgages, Accommodation Bonds, Vehicle Finance, Plant and Equipment Finance, Financial Planning and Business Finance.

IMMEDIATE appointment can be made to meet at your home or office

  • NO CHARGE for assisting you. We receive a standard fee from the lender you select
  • reliable service, communication and follow-up. See “Testimonials
  • accreditation with 20 national lenders, allowing you to select from an excellent range of loans
  • we carefully listen to your needs, do our research, then present you with a short-list of three potential loan solutions. You choose the lender.
  • printouts of products, fees, interest rate and loan features are provided
  • arrange for your property insurance and personal insurance requirements to be assessed
  • ongoing availability to assist you after loan settlement
  • over 30 years experience in arranging finance and mortgage loans