Home Loan Process

Let us explain what is involved in taking out a home loan, from start to finish.

It costs nothing to speak to our friendly and professional staff, who can quickly help you find out how much you can borrow and which loan may suit your needs, as well as answer any questions you may have about the process.

  • Step 1 : Arrange a Pre-Qualified Loan

    If you haven’t started your property search, or are still looking, a pre-qualified loan can be useful.

    This gives you a clear picture of what your spending limit is and gives you peace of mind that if you find a property you are really interested in, you can move quickly to make an offer. It may even put you in a stronger negotiating position than other potential buyers who have not had a loan pre-qualified.

    We can take care of the paperwork to lodge an application.

  • Step 2: Find your Property

    Make sure that you do plenty of homework when you are on the hunt for a new property. Research property prices in the area, potential capital growth and existing and planned infrastructure, such as roads, public transport, schools and shops.

    If you are unfamiliar with property values in the area, consider obtaining a full valuation report carried out by a registered valuer before making a final decision.

  • Step 3 : Make an Offer and Sign a Contract of Sale

    Whether you buy property at auction or make an offer on a listing, your agreement with the vendor only becomes a legal commitment when a Contract of Sale has been signed by both parties. This contract will confirm the selling price as well as any terms and conditions. Your commitment will usually be subject to loan approval, a building inspection report and pest inspection.

    The period from signing a Contract of Sale to settlement – when the property becomes legally yours – is usually six weeks. Even if you have a pre-approved loan, your lender will still need to complete a valuation of the property you have chosen before issuing full approval.

  • Step 4: Pay a Deposit

    A deposit is required once a Contract of Sale has been signed by both parties. You won’t yet have access to your home loan, so your deposit will need to come from savings or elsewhere. You may also be able to arrange a deposit bond until settlement.

    Speak to us about your deposit options.

  • Step 5: Appoint a Conveyancer

    You will need a Solicitor or Conveyancer to check the legalities of the Contract of Sale. Your Conveyancer will also check that all rates and taxes have been paid, check land use or building approvals for the property and order and relevant searches. They may also be able to help sort out any inspections.

    On settlement day, the Conveyancer will check that the correct amount of money has been transferred from your lender to the seller and all fees, such as stamp duty are paid, so you can take legal ownership of the property.

  • Step 6: Cooling Off Period

    If you didn’t buy your property at auction, you may have a cooling off period where you can cancel the Contract of Sale.

    Cooling off periods vary so check with your Conveyancer in terms of what your rights may be.

Using You’re Welcome Finance is the smart way to go!

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Approved customers only. Terms, conditions, fees and charges apply. For our "You're Welcome Finance Car Loan" and "You're Welcome Finance Personal Loan" interest rates range depending on a number of factors, including the information you provide us and our assessment of your application. All applications are subject to lending and approval criteria. Terms for repayment are between 12 – 84 months. WARNING: The comparison rates are true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. EXAMPLE: A secured personal loan of $30,000 borrowed for 5 years with the minimum interest rate of 10.99% p.a. (12.21% p.a. comparison rate), would equate to a total amount payable of $40,233 (including a $250 establishment fee and $13 monthly loan servicing fees).