Mortgage Approval Process When Buying an Existing Property
STEP 1: Initial interview
During your initial interview with a Resolve Home Loan Specialist, you’ll learn exactly what to expect from the buying and financing process. Your Home Loan Specialist will explain the key steps of the home loan application process, and by the time you leave, you’ll know precisely what information you’ll need to provide.
STEP 2: Application lodgement
After discussing your specific situation and your individual objectives with you, we’ll make a product recommendation from our panel of lenders. Assuming it meets with your satisfaction, we’ll then lodge a loan application on your behalf, ensuring all aspects of the application are fully — and appropriately — completed.
STEP 3: Pre-approval
The lender will assess your application and provide provisional approval on your loan, based on your current situation. This is known as ‘pre-approval’, and usually comes with a list of criteria that you must meet before the lender will formally approve your loan. As the pre-approval is based on your current financial situation, it’s important that you keep your financial circumstances consistent and stable until the purchase of your property goes through. Don’t, for example, take on any more credit commitments or change your place of employment.
STEP 4: Lodgement for formal approval
Once you’ve met the lender’s conditions, we’ll apply for formal approval on your behalf.
STEP 5: Formal approval
Once your mortgage provider decides to grant formal approval, they’ll send us your formal offer letter. We’ll review it to ensure everything is in order, then forward it to you, your land agent and settlement agent. A few days later you’ll receive your home loan documents, which you will need to sign.
STEP 6: Settlement
To legally transfer your new home into your name, you’ll need to use a settlement agency. If you’re in WA, we recommend you use Axiom Conveyancing. If you’re in Victoria, we recommend you use Principle Conveyancing.
Having appointed a conveyancer, you’ll then need to sign your Transfer of Land document and pay your deposit on the home.
STEP 7: Key handover
You can move in and start enjoying your new home!
Still have questions about the mortgage approval process?
Enquire below to have one of our consultants call you back within 24 hours. They’ll walk you through the entire mortgage process, and answer any questions you may have.