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Mortgage Application

The ins and outs of how to apply for a mortgage

Once you've chosen the mortgage that best suits your needs, you can apply online or call 1800 199 106 and a Home Loan Specialist can complete the mortgage application with you over the phone. Then all you will need to do is sign and send back supporting information to submit your application.

The five steps below outline the mortgage application process. It is not as complicated and daunting as many people think.

1. The Assessment

   During the assessment, your mortgage lender will want to see that you can afford the mortgage repayments. The questions different lenders often ask for in their mortgage applications are on this checklist. The questions asked differ from lender to lender. This checklist will give you an idea of the types of questions asked.

2. Conditional Loan Approval

   If you satisfy the lenders credit criteria and supply all the supporting documents you will be given conditional mortgage approval.

3. Value Assessment

   This happens once a qualified valuer has carried out a valuation on the property you want to buy and any property to be used for security.
   The lender then checks the valuation to ensure the property is suitable for mortgage lending.

4. Lenders Mortgage Insurance

   This only applies if you've borrowed over 80% of the value of the property. An important tip, Lenders Mortgage Insurance doesn't cover you, it covers the lender it also doesn't cover your home or contents so you will need to organise this separately.

5. Your Formal Mortgage Approval

   If you're successful your mortgage application will be unconditionally approved! When you receive a formal loan offer you need to read it to make sure you understand all the terms and conditions, then sign it and finally return it to the lender.

Congratulations!

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