For those looking to buy a house who’ve never done it before, it can feel like a daunting task. We’ve broken the application process down to 7 steps to buying a house, and created a more In-depth eGuide for you to download and learn from.

What do you need to prepare a home loan application?

If you’re looking at getting into the property market, it’s important to check that you’re ready.
Once you’ve worked out how much you can afford to borrow and repay, saved your deposit, factored in all the costs involved, and investigated the home loan that’s right for you, now comes the fun part – buying your home!

With interest rates at record lows and Government support available for first home buyers, now is a great time to look at buying your home.

Step #1: Meet with a First home buyer broker at Auspak Home Loans

We’ll take the time to understand your financial goals so we can find a home loan that’s right for you. We will calculate your borrowing power, work out repayments and answer any questions that you may have.

Step #2: Prepare the application

Once we’ve helped you choose the loan that’s right for you, we’ll help you prepare the application and guide you through the process. Helping to select the most suitable loan structure that meets your objectives.

Step #3: Obtain Pre purchase finance approval

Conditional pre-approval is an indication from a lender that you’re eligible to apply for a home loan up to a certain limit. You’re under no obligation to take the loan, but it can show sellers you’re serious about buying and that you’re confident you can afford the property.

The lender will provide conditional approval while they organise the property valuation and conduct a credit check. We’ll stay in touch with the lender and keep you informed along the way.

Step #4: Unconditional approval

Unconditional (full) approval is formal acknowledgement that your home loan application has been approved.

Step #5: Complete loan documents

Your loan is both a significant financial commitment and a strong financial foundation. We’ll cover the cost of a discussion with our FinChoice financial adviser to help you manage your money through this major change, work out a plan for the future, and help protect what you’re building along the way. Once your loan documents arrive, we’ll organise a time to meet and help you complete the document.

Step #6: Loan settlement

If you’re purchasing a property, your solicitor / conveyancer will organise settlement directly with the lender, according to the settlement date on the contract of sale. If you’re refinancing your existing home loan, the lenders will liaise directly to exchange the documents.

Step #7: Home loan completion

Keeping in touch: our service doesn’t end once your loan settles. We will stay in touch to make sure your home loan is the right solution for your needs now and in the future.

Step 1 : Your Free Assessment

The first step in our process is a free, no-obligation assessment of your financial situation. During this process, we will ask you some basic questions about who you are and what you’re looking to achieve using a quick form. After you complete your form one of our expert brokers will review your situation to figure out how we can help you achieve your goals.

Step 2: Your Home Buying Plan

After reviewing your free assessment, your broker will create and send you a customised Home Buying Plan. Your Home Buying Plan contains some quick calculations about your estimated repayments, borrowing capacity, and deposit requirements. This will give you a quick overview of your financial situation. Your Home Buying Plan also contains some guides and resources which will help you on your home buying journey.

Step 3: Information Session

Once you’ve had a chance to review your Home Buying Plan, the next step is an Information Session with your broker. During this session, we will go over your home loan requirements and financial situation in a lot more detail. We will discuss your purchase timelines and the next steps in the process. We will identify any issues that could affect your ability to get a home loan and help you to come up with strategies to mitigate those issues.

Step 4: Your Next Steps

After your Information Session, there are three likely scenarios:

1. Getting You Ready to Buy
If we find any major issues that will affect your eligibility for a home loan that can’t be fixed in the short term – or you’re just not quite ready to buy – we will work with you over the coming months to give you the training and support you need to get to the point where you’re ready.

2. Pre-approval or Eligibility Letter
If there are no issues with your loan eligibility and you are planning on buying your home within the next three months, we will get our team to prepare a pre-approval or an eligibility letter (explained below) so you can make an offer or head to the auction with clarity and confidence.

3. Applying for Your Loan
If you’re red hot and rearing to go, or you’ve already put pen to paper on a contract of sale, we will proceed directly to lodging and preparing your home loan application.

We understand that everyone’s situation is unique and your situation might not fit neatly into one of these scenarios. Rest assured that if this is the case, we will create a unique plan for you based on your goals and what you need.