Securing a mortgage doesn’t have to be complicated.
With the right guidance and a clear understanding of the process, you can approach your home loan journey with confidence. At Point Pillar, we specialise in simplifying the mortgage experience, so you can focus on finding your dream property while we take care of the details.Here’s a breakdown of the mortgage approval journey, so you know exactly what to expect.
Step 1: Assessing Your Financial Situation
The first step is understanding where you stand financially. This includes reviewing your income, expenses, credit history, and savings. At this stage, a mortgage broker like Point Pillar Finance can help you determine your borrowing capacity and outline realistic loan options based on your unique circumstances.
Step 2: Choosing Your Right Loan
With over 30 lenders and 80 loan products to choose from, Point Pillar ensures you have access to a wide range of options. Together, we’ll explore products that align with your needs, whether you’re prioritising a low-interest rate, flexible repayment terms, or special features like offset accounts.
Step 3: Pre-Approval
Pre-approval, also known as conditional approval, is a critical step. This shows sellers and real estate agents that you’re serious and financially prepared to make an offer. We’ll handle the paperwork and liaise with lenders to secure your pre-approval, saving you time and effort.
Step 4: Finding Your Property
Once pre-approved, you can confidently start house hunting. At this stage, it’s essential to stick within your budget and consider additional costs like stamp duty, legal fees, and moving expenses.
Step 5: Formal Loan Approval
After you’ve found your dream property and your offer has been accepted, it’s time to finalise your loan. Point Pillar will submit the necessary documentation to your lender and coordinate the formal approval process. This involves a valuation of the property and a final review by the lender.
Step 6: Settlement
Settlement is the final step where ownership of the property is officially transferred to you. Your lender will transfer the funds, and you’ll receive the keys to your new home. Point Pillar will guide you through this process to ensure everything goes smoothly.
Step 7: Ongoing Support
The journey doesn’t end at settlement. At Point Pillar, we provide ongoing support, whether you’re looking to refinance, adjust your loan, or explore other financial opportunities in the future.
