Exceed Home Loans works for you! We will assist you every step of the way through your loan application to settlement. Our priority is you!
APPLICATION PROCESS FROM INITIAL CONTACT TO SETTLEMENT
Step 1: Phone or Face to Face chat with Our Relationship Manager (About 20 to 30 minutes)
During this initial conversation we will discuss your overall situation and goals. We will also carry out a Fact Find, asking you for your details, a list of your assets and liabilities along with your income and general expenses.
Immediately after our initial chat, we will email you out our welcome email with a request for further information so that we can provide you with accurate calculations and advice regarding how much you can borrow and how much deposit and other fees will be applicable.
Step 2: One on One discussion with your mortgage Broker to discuss your short, medium and long-term goals, as this will assist to highlighting structure and home loan products that may be suitable for your needs.
Once you have sent back all the information requested in the welcome email, Brice will carry out research and calculate your borrowing capacity and a funding position which shows how much contribution you would need to pay to move forward with your plans. Once initial research has been carried out, it is time for a chat with you. He will conduct a Needs Analysis which provides him with a guide as to the products that will suit you.
Your Broker will now provide you with product options, and a funding position setting out an estimate of associated costs. Once you have decided on the product that best suits your needs, we will prepare your loan application and submit to the Lender of your choice.
Step 3: Submission/Upfront Valuation & Loan Assessment
In most instances your Broker will now order an upfront valuation through your chosen Lender. The application will be sent off with your supporting documents for assessment, to the Lender. They will confirm your income, employment and conduct a credit reference check. Your supporting documents will also be verified at this time.
Step 4: Conditional Approval
After assessment, the Lender will provide you with a Conditional approval, via your Broker. The lender will also outline any matters that need to be addressed before they can issue the unconditional loan approval.
Step 6: Lenders Mortgage Insurance
If required, (usually for loans with LVR above 80%) your lender will now submit your application for a Lenders Mortgage Insurance (LMI) assessment.
Step 7: Formal Approval
Once LMI has been approved (if applicable) the lender will issue formal home loan approval and a formal letter of offer will be issued to your broker and the Lender will prepare your final loan contract.
Step 8: Insurance
Please note that the purchaser is required to take out home insurance at exchange of contracts unless this has been specifically removed from the standard contract. You may also like to consider Life and/or income protection insurance and we would be pleased to assist you through our partners, just let us know.
Step 9: Loan documentation
Your Loan Documentation arrives. This needs to be fully signed, witnessed as per the instructions, and returned to the Lender as soon as possible, along with details of your insurance cover. Most Lenders require they are listed on the Certificate of Insurance in a specific manner, we will help you with that.
If you are re-financing, we will also request that you sign a Mortgage discharge form and we will forward that to the outgoing Lender, so they too, are prepared for settlement).
Step 10: Loan Settlement
Your solicitor/conveyancer will liaise with the lender to schedule a settlement date. The first repayment on your loan will usually be required one month after the settlement date, or if you have nominated for fortnightly payments, then 14 days.
Congratulations, Exceed Home Loans are grateful for the opportunity to assist you. We will stay in touch with you regularly throughout the life of the loan to assist you in any way required. We will also conduct a regular check on your Home Loan to ensure that it continues to be suitable for your needs. Please remember that all your financial decisions have the potential to impact on each other and your overall position. We are happy to assist and guide you in all these financial transactions, please contact us if you would like a second opinion or need assistance with other types of finance.