Home Loan Approval: Seven Steps
See how we make home loans a simple and transparent process for you. We know buying a property is a huge undertaking and we want to be there with you every step of the way.
Our loan process.
1. Initial Conversation
Every Coast & Country journey begins with the initial conversation. This is where we will take the time to understand your current situation and assess your needs and requirements.
2. Needs Analysis
This is the most important step in your journey with Coast and Country. Once we have established what you are seeking to achieve, we will begin to look at what product features are most important to you.
3. Loan Strategy Report
Based on the initial conversations, we now carefully consider your scenario and present you with 3-4 of the best lending options available to you.
4. Fact Find
Coast and Country aim to make the information gathering process as simple as possible. We will send you a link where you can fill out your client profile in the comfort of your own home.
5. Submission
Once you have returned your documents and other important information, our in house processing team packages everything up and submits your application to the lender.
6. Assessment
Once your application has been submitted, it will begin going through the lenders assessment process. This time frame varies from lender to lender.
7. Approval
Once assessment is complete, the lender will issue you one of three different approvals.
Loan Approval Types
Pre-Approval
This approval is issued when you have not yet found a property to purchase. Generally, most lenders pre-approvals are valid for 90 days. These pre-approvals indicate that based on the initial assessment, the lender is happy to provide the funds to you. They are usually subject to finding an acceptable security, valuation and full assessment of your financial position.
Conditional Approval
This is where a lender will offer you approval subject to the satisfaction of their conditions. This could include things such as a valuation report, employment verification or provision of an additional document.
Formal Approval
Once the lender has completely assessed your application and their lending requirements have been met, they will issue you formal approval. This is where your loan documents will be issued, and your settlement process will begin.
Want to know your borrowing power?
Buying a home is one of the biggest financial decisions you will make. Whether you’re a first home buyer, refinancing your home, expanding your investment portfolio, or looking to purchase your next property, it is important to know how much you can borrow. There are many factors that help dictate what your borrowing capacity is, and this is not limited to the lenders! Some lenders have more generous servicing than others, meaning you may be able to borrow more through one lender than another. Getting in contact with us is the best way to find out exactly how much you can borrow, but completing a quick borrowing calculator is a great way to start!