Before you get into the mortgage process you need to inform yourself on the rules and requirements to enter the Real Estate Market. Here some basic information

Most lenders/brokers will need you to provide the following documents. If you are self employed:

Last 2 years business tax returns and financial statements

Last 3-6 months original savings statement

Then you will go through the interview process,discussion of the various types of home loan products available. repayments and fees, features. When an appropriate lender and loan product has been selected, the loan application process begins. Loan application process Upon receipt of all your required supporting documentation, Your loan application will be lodged with your chosen lender immediately

Conditional Approval (pre-approval) Your Broker will receive a conditional approval letter from the lender. You Will be contacted immediatley The preapproval is valid for 60-90 days and can be renewed with lodgement of recent savings statements and proof of income. Once you find the property for you, submit a copy of The contract note to Your solicitor. After Signing the contract (could be subject to finance or building and pest inspection) its time to organise a building and pest inspection. The lender will in most circumstances order a property valuation to obtain its market value. Once the value of property has been determined, the lender will seek their mortgage insurer’s approval (if required). Obtaining an unconditional approval from your lender can take up to 5-10 business days from receipt of the contract note.

Pre Settlement: Your lender’s solicitors will send your mortgage contract and letter of offer to your solicitor. These documents outline the agreement between the lender, yourself and the State Revenue Office. They also outline the terms and conditions and costs of the loan.

Have your solicitor/conveyancer answer any questions relating to these documents. At this stage, you are required to take out building insurance on your property. Contact your insurance company to organise a cover note, read details of insurence best suit your needs, before paying full premium. Sign and send these documents back to the lender so their solicitors can proceed to settlement. Once signed you’ve now entered into a credit contract. If purchasing After you have returned your mortgage documents, your solicitor/conveyancer will contact the lender to effect settlement on the desired date. Your name and lender are noted on the certificate of title and settlement has been effected and your loan is in place.