Home Loan Guide
Enquiry - We will sit with you to asses your home loan needs and research the best home loan for you.prepare an application
Application - We will fill in and gather from you all of the necessary infomation required by the home loan lender for you.
Conditional Approval - We will then submit the home loan application to the lender and they will issue an approval subject to the property being valued and deemed acceptable.
Property valuation - We'll arrange the valuation of the security of the property While we do this, you should satisfy any conditions in the loan approval.
Formal approval - We'll confirm approval to you and ask our solicitors to start preparing the loan documents
Insurance - You should arrange building insurance - we need a copy of this before we arrange settlement. We will let you know what the acceptable amount needs to be to satisfy the home loan lenders requirements.
Loan documents - Our solicitors will prepare your mortgage documents and mail them to you.
Settlement of your property - Your loan is drawn down on the day of settlement and is in place from this time.
After settlement - we will contact you to arrange an appointment time to go through out finance coaching material for our home loan clients. See the Diamond Advantage Finance Coaching Pack. You will receive this FREE after your home loan has settled.
Home Loan Documentation
When you apply for a home loan, your lending manager will need certain information and documents from you. These will help clarify how much money you can borrow and make the approval process faster and easier.
Your income
The first thing we need to do is to understand how much you earn. Try and find as much of the following as possible:
- A recent tax assessment
- Current records of your salary and other income
- Proof of identity like a passport or drivers licence
- Bank account statements for the past 12 months
- Details of your current assets (things you own) and liabilities (things you owe)
Your costs
After checking your documents we'll calculate how much you can borrow. This is based on your surplus income after your regular costs have been deducted.
Approving your loan
We'll help you complete a loan application based on your needs. Approval of your loan will take into account:
- Your ability to make the payments and service the loan
- Stability of your employment and income
- Your credit history and savings history
- The value and type of property you want to buy or refinance
HOME LOAN DOCUMENTS .pdf
