Loan process with Creative Home Loans
We are Creative Home Loans not only guides you through the steps in applying for a home loan. We see you through to final settlement on your purchase. We help you to work out how much you can borrow, find the most suitable loan and submit your application offering you advice and support right through to the settlement of your loan and beyond.
Step 1 Helping find the Home Loan that is right for you
Each person has unique requirements when applying for a home loan. We offer expert advice by using Loan Qualifier software that assesses hundreds of home loan products to help you find one that best suits your unique situation. When structuring your home loan, it's important to look at what is best for you now as well as in the future. We look at your future plans as they can have an effect on your ability to repay the loan as well as your requirements of the loan.
We assist you with the completion of documents before we submit your home loan application and supporting documents to the lender of your choice. We keep you up to date with the progress and approval of your application, and we are available to assist you with the execution of the mortgage documents.
We are in touch with you every step of the way.
After you have in principle approval (pre-approval) for your loan, the search for your new property can really begin.
Step 2 Decide on a property that's right for you
- Set your budget after allowing for all purchase costs and stamp duties. Be strong and stick to your budget when considering properties.
- Choose an area you want to live in.
- Check newspapers, real estate websites and brief local real estate agents on what you are looking for.
- Make a checklist of priorities so you can assess the homes you see.
Step 3 Appoint your solicitor or conveyancer
Ask the real estate agent for a contract of sale/vendor's statement, and then take this to your solicitor or conveyancer so they can check everything is in order. This should contain:
- A copy of the title, showing boundary measurements of the land, location from the nearest street and any easements or covenants registered on the title.
- Planning information, defining what the land can be used/developed for (e.g. residential or commercial purposes)
- Outgoings, e.g. Council rates, water rates, body corporate contributions.
- Any Building restrictions
- Building permits for any building or renovation work carried out in the past seven years. This work will be covered under the Housing Guarantee Fund. Beware of structural alterations made to a house without a building approval.
- Any other agreements, which the vendor has entered into with others in relation to the property (e.g. regarding fencing or building over easements).
It is imperative that you know the exact condition of your future home, so you avoid costly surprises after you take possession.
Take the time to check things like:
- walls and ceilings for cracks
- water pressure, by turning on several taps at the same time
- fences and gates for stability
- the condition of the eaves and guttering
Arrange a building and pest inspection so you can budget for any maintenance work that could be required.
Step 4 Let your lending manager (me) know
- Tell us the property address and details so we can arrange a valuation and confirm formal approval to you.
- Then make an offer to buy. Remember not to exceed your budget.
Step 5 Buy the property
- Once you have agreed on a price your solicitor or legal representative will co-ordinate the exchange of contracts.
- We will arrange for the lender to have your mortgage documents prepared and sent to you or your solicitor
- You will need to arrange building insurance (this isn't required if you are purchasing a strata unit or land).
- When you have read over the mortgage documents with your solicitor or conveyancer and are happy with them, you will need to sign the documents and return them to the lender. Then all you need to do is sit back and wait till settlement happens
Step 6 Take possession and move in
Congratulations! Relax and enjoy your new home.