How to Apply for a Mortgage in Australia.

By Leo Rodino posted on March 20, 2017

  • SHARE

 

In this article, we explain the process of applying for a loan with a local bank or financial company to purchase real estate:

The Mortgage Application Process

It is advisable for those looking to buy a property to start by having a conversation with their mortgage broker. This consultation is free, and during the discussion, your broker can review your personal situation and prepare a list of different banks and products that fit your criteria and budget. You will also have the opportunity to ask any questions to understand what will happen until you receive the keys to your new home.

In general, these are the steps to follow:

  1. First, calculate how much money you can borrow. Your broker will be able to prepare this information based on your specific situation.
  2. Choose the loan and the bank or financial company that is most appropriate for your criteria and budget.
  3. Apply for pre-approval. Your broker will submit the loan application on your behalf to get pre-approval for the maximum amount required. Pre-approval means you can now start looking for a property within a specific price range.
  4. Find the desired home.
  5. Obtain a pre-purchase inspection.
  6. Make an offer through a real estate agent and sign a contract subject to certain conditions, or alternatively:
  7. Purchase the property at auction.
  8. Obtain unconditional loan approval.
  9. Sign the loan documents.
  10. Complete the purchase (settlement), and celebrate with champagne!

At MoneyQuest, we specialise in loans for property purchases, whether residential, investment, or commercial buildings. We are also experts in financing for businesses, franchises, SMSF, vehicles, machinery, and commercial equipment.

Find your local MoneyQuest broker here.

  • SHARE

Disclaimer:

This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).

Please consult your financial advisor, solicitor or accountant before acting on information contained in this publication.

Proudly Part Of

The Money Quest Group (MQG) is one of Australia's leading boutique mortgage broking businesses, with a network of more than 600 brokers nationwide. Known for their exuberant culture and superior support, MQG provides brokers access to a range of financial products from more than 60 lending institutions and suppliers, and exclusive access to in-house benefits and services.

© 2017-2024 MoneyQuest Australia Pty Ltd, Australian Credit Licence 487823

1300 886 100