Steps to Home Ownership.
Our step by step process is designed to help you get ahead faster, easier and with peace of mind. This section will briefly outline the steps we will take with you throughout your journey to home ownership.
The pre-qualification process allows us to determine if you pre-qualify for our service and get a clearer idea of your goals and location of interest. We get a snapshot of your current situation and run your financial details through our lender servicing calculator. This will calculate your estimated borrowing capacity (how much the bank will lend you.)
Once pre-qualified, we will organise to meet with you at a suitable time and place. This is when you will meet your First Home Advisor and find out more about how we can help you.
At this stage our finance team will need to confirm your income and conduct a credit enquiry to ensure there’s no defaults on your report. You will need to provide proof of income by supplying your two most recent pay slips or last two tax returns if self-employed. This allows us to confirm how much you can potentially borrow.
After Formal BC, We will then explore some potential first home options with you. We will package options based on your affordability, location of interest and preferred house design (if applicable). Once you’ve selected your property, you will need to sign an ‘Expression of Interest’ Form (EOI). An EOI is for reservation purposes and informs the vendor that you intend to purchase this property. This ensures the property is not offered to another prospective buyer.
We will send your EOI to the builder/ land vendor who will prepare contracts for your new home. We will then arrange a suitable time to meet and assist you with contract signing. At this stage we also go through the home loan application, lender privacy docs and first home owner grant forms with you. All contracts are subject to finance approval. Your signed contracts will then be processed and returned to the vendor and your home loan application will also be submitted. We now await for finance approval from the lender which can take up to two weeks to be approved. We will contact you with any updates during this period.
Once your finance is formally approved, and you’re approved for the First Home Owners’ Grant, your contract will then go ‘Unconditional’ making it a bound agreement between you and the vendor. This is the part when you celebrate! You’re now ready to become a home owner! We will then meet with you to sign the relevant home loan documents. Once we’ve lodged your home loan docs we then move towards settlement of your new home which can take around three to four weeks.
Becoming a home owner and managing a mortgage will require some extra financial discipline. We’ll put you in touch with a financial planner for a complimentary financial planning consultation. Your financial planner can assist you with a budget plan and review your personal insurance policies. This will ensure you’re protected financially so you can continue to repay your home loan if an unexpected event was to occur.
Once your property has settled, the deal is done. The property is now yours and you’re now officially a home owner! If buying off the plan - the builder will then begin construction of your new home. We will guide you through the build stages and keep you up to date with the current progress of your new home.