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Buying your first home is an exciting time! You have your own space and get to enjoy it as you please — but there’s a few steps to do before you get there.
10 steps to getting your first home loan
From your first meeting with a broker to the day you move in
1. Find an expert in the field
Your first step in the home loan process is talking to a home loan expert.
Getting in touch with your local Aussie Broker and setting up an appointment is a key step start your journey! For nearly 30 years, Aussie has helped over a million Australians find the home loan that suits them. So they can probably help you too.
2. Your home loan appointment
It’s a good idea to come to your appointment equipped with the right paperwork. This paperwork will help your broker understand your current financial position and determine how they can help you. This paperwork should include:
- recent bank statements, pay slips and group certificates that provide evidence of your income, spending and your saving history
- details of your current assets and liabilities including any personal loans, investments, credit card debts, car repayments and so on
- a summary of your usual household and living expenses
- personal ID such as birth certificate, driver’s licence, current passport or citizenship certificate
If you don’t have this information, or if you’re self-employed, there may be some additional paperwork required for your application.
Your broker will take the time to understand your situation, present you with options, then help you choose the right loan for your unique situation.
3. Submitting your application
Once you’ve chosen the loan that suits your needs and are ready to begin the application process, your broker can guide you through the home loan application and paperwork.
4. Getting conditional approval
It may take up to five days before you hear back from the lender as to whether your application is conditionally approved. If the lender approves your application, you will receive ‘conditional approval’, also known as pre-approval. The lender isn’t committing to anything yet, but they are cautiously saying that they may be able to approve your home loan if you meet certain requirements.
If you haven’t yet found the right property, then ‘pre-approval could be good to have, as it gives you time to continue your property search while working on home loan application with your broker. It’s important to note that some lenders issue pre-approval that can last up to three months.
If you’ve already found the property you’re hoping to buy, your broker can arrange a valuation of the property with your lender. This process can take up to 5 days, depending on a few factors including the availability of the valuer and how quickly the seller or agent can provide access to the property.
5. Getting unconditional approval
Once you’ve received unconditional approval from the lender, have found your dream home and you’ve reached an agreement with the seller- you’re now ready to sign and exchange contracts. This process is handled by your appointed legal representative — a certified conveyancer or solicitor.
Your Aussie Broker will walk you through the process of getting your final approval from the lender, then guide you on the details required for the next few steps.
6. Review your loan documents
When your loan documents arrive, your lender will send you a formal letter of offer. It’s important that your legal representative reviews these loan documents. Once again, your broker will guide you through this process.
7. Sign your loan documents
Once you and your legal representative are happy with the loan documents, it’s time to sign on the dotted line and return them to your broker.
8. Confirmation of settlement
Your conveyancer or solicitor will have agreed to a date for settlement with the seller’s legal representative when contracts were exchanged. This is usually between 30 and 90 days after signing the Contract of Sale, but varies between each state.
9. Finalise transactions
Your Aussie Broker can guide you through finalising transactions and setting up direct debits to ensure the right accounts are in place and all payments are processed correctly. When the funds have been transferred according to your instructions, settlement is complete!
10. Loan and property are settled
Congratulations—you’re home in your home!
There may have been a few head scratches and sleepless nights along the way, but with the help of your Aussie Broker, you’ve been able to understand what’s happening and what’s next at every step of the journey to home ownership.
