Getting your Home Loan Perth approved
Once you submit your application, the lender will consider many factors and the process can take anything from a few days to a couple of weeks.
The lender is usually looking to approve the loan rather than reject it as obviously they make money by lending money, not refusing loans. However, they will want to look at your capacity to repay the loan, as well as looking
at the property's value.
Your Mortgage Broker Perth, WA will take you through the process and assist you to ensure it all runs smoothly.
Lender's Credit Score
Most lenders will use a Credit Scoring System, where all of your details from the application form are entered. This gives your application a weighted score. If your application passes a pre-determined level, you will more than likely be pre-approved, and if your application is in order, then this generally means you are approved, subject to property valuation.
If your application does not pass the computer scoring system, a (human) credit manager will receive your application and they will manually assess your case. They will generally ask for further information and documents. This is the stage where a mortgage broker is most effective for you.
Proof of You
Generally, you will need proof of your income, residence, savings and identity. Although no-documentation loans and low-doc loans require limited or no proof of income, proof of identity is non negotiable, and is required on all home loans.
Your Credit Profile
Your credit history will be assessed and taken into account. Your credit profile is made up of your personal details, credit applications from the previous five years, overdue accounts, bankruptcy information and public record information.
Property Valuation
All approvals are subject to the property valuation. The loan will be 'conditional' until this is completed. Once the lender receives the report, they will check that the valuation is within the parameters of the conditional approval amount. If it is, then the loan becomes unconditional and you are now fully approved. Keep a copy of your application and any attachments for any future reference.
How Your Broker Helps
If this process seems complicated, or time consuming or even mundane, then don't worry. Your Perth Mortgage Broker will actually put together your application and work with the lender.
Sit back, relax and get started by calling 1300 787 665.
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