How does the home loan process work?


Arrange a pre-approved loan

If you haven’t started your property search, or are still looking, a pre-approved loan can be useful. This will give you a clear picture of your spending limits and gives you peace of mind of making a quick offer if you find a property in which you are interested.

It may also put you in a stronger negotiating position than other potential buyers who don’t have pre-approval.

Of course, even with a pre-approval, you may still consider a subject to finance clause. Talk to us about this.


Find your property

Make sure you do plenty of homework when you’re searching for your new home. Research property prices in the area, potential capital growth and existing and planned infrastructure, such as roads, public transport, schools, and shops.

Feel free to request a full Comparative Market Analysis of any homes in which you have an interest. This is a complimentary and unlimited service we offer. Ask us for a sample.


Make an offer and sign a Contract of Sale

Whether you buy property at auction or make an offer on a listing, you’ll be asked to sign a Contract of Sale. This contract will confirm the selling price as well as all terms and conditions. You may wish to include appropriate conditions such as subject to lender approval, or a building inspection and pest inspection report.

Please note however, you can’t include these conditions if you have bought at auction or bought a home that was scheduled for auction. If you require a building and pest inspection, you’ll need to arrange this with the agent prior to the auction. If you miss out at auction you will need to bear the cost of any inspection. You’ll also need to arrange your finance beforehand.

The period from signing a Contract of Sale to settlement (when the property becomes legally yours) can be 30, 60, 90 days, or even longer depending on everyone’s circumstances or situation.

Note: even if you have a pre-approved loan, your lender may still need to complete a valuation of the property you have chosen and request updated information before issuing full approval.


Appoint a Solicitor


Pay a deposit


Cooling off period


Unconditional contracts

You will need a solicitor or conveyancer to act for you to complete the sale. Your solicitor checks the contract and all documentation to ensure all due diligence is conducted and everything is in order with the property.

We also provide a complimentary contract review conducted by a solicitor who will call you and discuss all documentation with you.

Prior to settlement day, the solicitor will reconcile all monies to ensure the correct amounts are being transferred from your lender to the vendor, and that all fees and charges have been adjusted and paid.

This ensures you can take legal ownership of the property.

A 10% (or in some cases a 5%) deposit is required once a Contract of Sale has been signed by both parties. You won’t yet have access to your home loan until settlement, so your deposit will need to come from existing savings. We can discuss all deposit options with you.
If you didn’t buy your property at auction, you may have a cooling off period. This entitles you to cancel the contract within this period. You may need to pay a small penalty to do so. Speak with us about this.

Be very cautious when signing an unconditional contract or bidding at an auction especially if you’re not certain about whether you’ll be able to obtain finance or about buying the home.

Speak to us about this.

Please note we do not provide tax, legal or accounting advice. Any information contained in this document is of a general nature only and does not take into account the objectives, financial situation or need of any particular person and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Therefore, before making any decision, you should consider the appropriateness of the information with regard to those matters and consult your own tax, legal and accounting advisors before engaging in or considering the appropriateness of any transaction