Buying a new home is one of the biggest financial decisions that you will make in your lifetime. The process comes with a whirlwind of different emotions and can be very overwhelming at times. At Keylend we are here to help make the process that bit easier for you.
There are many factors that you need to consider as a first home buyer, including how much deposit you need, how much you can borrow, what loan best suits your financial objectives and needs. The Keylend team is here to support you, answering any question you may have, and guide you through the process.
Find your expert Mortgage Broker
A Mortgage Broker is a financial professional who specialises in building strong relationships with their clients to understand their current financial and lifestyle circumstances and adhere to their future financial needs and goals.
At Keylend our Mortgage Brokers work closely with a large panel of lenders to find a loan that is in your best interest for your current personal circumstances.
Mortgage Brokers may also be able to negotiate a lower interest rate with lenders for your home loan.
Make an appointment with your broker
A good start is to get acquainted with your Mortgage Broker through a meeting in which they will be able to understand your financial and lifestyle circumstances and your future financial goals. They will calculate how much you need for your deposit and how much you will need and can borrow. Essentially, they will provide options for you to be able to achieve your financial objectives.
Submitting your application
After you and your Mortgage Broker have chosen the loan that is in your best interest for your goals and objectives, you are ready to start the loan application process. Your Mortgage Broker will guide you with the documentation and paperwork that is required for your application to be collated. If you are purchasing a property, a valuation will be part of this process.
Approval
It may take a week or so before you receive a response from the lender on the status of your loan application. Once the lender has responded, you will receive conditional approval, and once all conditions are met formal or unconditional approval. If seeking a pre-approval, you will have 3 months to find a property to purchase until your loan application expires. Once you have found a property your mortgage broker will arrange a valuation for the purchase, before the loan can be formally approved.
Sign your loan documents
Once you receive your loan documents you have the option to go over them with your legal representative and ensure you fully agree and understand the terms of the loan before signing your contract and mortgage.
Settlement
Congratulations!
This is the time when your conveyancer will liaise with the vendor to put your name on the title of your property! Enjoy the feeling because you are now the owner of your first property, and this is a great achievement.
