Book a time to have a consultation with us. We will discuss what you want to do and what your options are. If you are not ready to move forward yet, we will show you what you need to do and give you a pathway that will start you on your way.
We will give you a list of paperwork we need from you, and also explain what we need to get you to sign and why. Once your loan is submitted, you may be asked to supply additional paperwork if the credit manager requires it. Our team will let you know if anything else is required throughout the process.
Depending on the timeframes of the financial institution we are using, processing times can vary quite a bit. We endeavor to have your loan processed as quickly as possible but there are many things that can hold up the process. If there is any urgency regarding your purchase or refinance, let us know at your earliest opportunity.
When purchasing a property, exchanging contracts means you have signed a legal document to say you are buying that property. We ask our clients to speak to us and their solicitor before exchanging. We prefer our clients to have a full loan approval before they exchange contracts.
When refinancing an existing loan, we will allow for a month’s worth of interest to be charged by the existing lender, this will be added onto your loan amount as well as any associated fees so the existing lender can not delay because of insufficient funds.
You must continue to make your repayments even if they are due the day of or the day before settlement. The financial institution will calculate the interest up until settlement and that interest must be paid.
We will give you an approximate figure when discussing the loan scenario with you. The financial institution will give your solicitor available funds 48hrs before settlement and then your solicitor will give you an exact figure. It is your responsibility to make sure the funds are where they need to be and cleared for settlement. This may be the solicitors trust account or a nominated bank account that we have arranged for you.
In a perfect world, we would tell you not to sign your building contract until you have full approval, however, many lenders insist on having the contract signed before they will issue the approval for your loan. We ask you to check with us before you sign it.
Be careful when you are given a handover date by a builder, they may be ready by a certain date, but that doesn’t mean that the bank is or you are. This can be problematic if you have taken holidays to move house or have booked a removalist and there is a delay with handover. Make sure you give yourself some leeway with dates.
It depends where your construction process is up to, normally the bank will require the stamped plans and various insurances before they will release any funds. If the builder requires an early deposit, you may have to pay the money from your own pocket and then be reimbursed by the bank at a later date.
The bank will want a valuation done before they release the final payment as they will want to make sure that the property matches the one that you have paid for and that it has everything listed. They need to protect your property and their security.
Depending on which lender we are using, your debts may be paid out at settlement which may require you supplying us with payout figures for the settlement date, or the bank may fund you the money and have you pay the debts out yourself.
We will give you an approximate amount when we first discuss the loan scenario with you, the repayment amount will be on the loan documents and we will contact you after settlement with the amount and starting date.
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