Loan Market

Buying a new home? It’s an exciting time. But it can also quickly become overwhelming if you’re not prepared. We’ve put together the steps to a stress-free property purchase. By following these you’ll put yourself in a great position to get the place you really want. Close the deal Whether you buy at auction, by private treaty or off-the- plan, securing a property is cause for celebration. But before you pop the champagne, you’ll need to move fast to organise a few important things: • A holding deposit – usually $500 to $1,000 or 5-10% for auction purchases. • A solicitor/conveyancer – your broker can recommend someone they trust to take care of the legal work. • Notify your broker – so they can quickly move you to formal approval. A few formalities Your broker will sort out formal approval, by supplying or resubmitting documents to your chosen lender. In many cases, this will be done before the cooling off period ends if you’ve bought by private sale or off-the-plan. During this time the lender will value the property, process your application and make a final credit assessment. If you haven’t already, you’ll also need to pay the full deposit at this point. Your broker will confirm formal approval and send you documents to be reviewed (with your legal advisor) and signed. You’re ready to settle The dates of settlement will probably have been agreed before the sale. The lenders and legal representatives from both sides will now organise the exchange of money and titles. On the day of settlement you can collect the keys! Keep us in the loop Your loan is set up and you’re all moved in – remember we’re still there for you when you need us. If you’ve got a question about your loan, or you decide to renovate, refinance or invest in another property, don’t hesitate to call your broker. 5 6 7 8