HOME LOANS

Applying for a Home Loan - The Process

 

At Total Home Loan Service, we understand that the thought of arranging finance, buying a property, or refinancing existing debts can seem confusing and daunting. We are here to make this process easier for you.

We will arrange a convenient time to meet to further discuss your loan requirements in detail. Here’s the best part…. We can come to you. We will discuss options that are available to you, and provide you with all the information you need to make the right decision that suits you best. We run through different scenarios, to achieve a possible loan structure.

We will complete your loan application, ready for you to review and sign. We will then submit your application via our electronic lodgement system.

After submitting your application, we will monitor the progress while the Lender assess your application. The lender may then issue a Conditional Approval, meaning they may require further information, or wish for a valuation to be performed on the property that you are purchasing. Whatever the request is, we will arrange for this to be provided to the Lender.

Once an Unconditional Approval is issued, we review it and make sure it’s consistent with your application. The Lender will provide you with loan documents for signing and returning. After they receive the signed documents, your loan settlement is ready. A date will be arranged and booked in for settlement.

We are here to make this process as simple as possible for you. Every person and home loan is different, we want you to feel comfortable asking questions at any stage.

First Home Buyers

 

Buying your first home is a big step towards your financial security and is a very exciting time. We understand how confusing it can be to try and navigate your own way through the process. We will explain everything you need to know. We meet with all our First Home Buyers in person and spend the time to clearly explain the application process.

When you’re buying a property, being unprepared can lead to unexpected expenses and have you scrambling to piece things together at the last minute. Arranging a pre-approval on a home loan will help you set a realistic budget. This will help you move forward with confidence when you find your perfect home.

When budgeting for your first home, stamp duty will need to be factored in. Stamp Duty is a tax levied on most property purchases in Australia. The amount will vary depending on the purchase price, but it needs to be paid on settlement, so be sure to include it in your budget. At Total Home Loan Service, we will factor in stamp duty for you when working out your potential borrowing capacity, or use the stamp duty calculator to get a quick idea of the extra cost (including any exemptions that may apply).

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First Home Owners Grant

 

Information on the First Home Owners Grant can be found on the Office of State Revenue site www.osr.nsw.gov.au/benefits/first_home

Family Guarantor Loan

 

A family guarantee is where the guarantors are family members of the borrower. As guarantors, they provide a guarantee to the bank that if the borrower defaults or fails to pay back the loan amount, the guarantor will cover any short fall or loss that the bank may incur. Typically, this arrangement is by way of a security or serviceability guarantee, however in most cases it is a security guarantee.

This means that the guarantors will either offer their property as security for the borrower’s loan or offer a portion of their surplus income to pay towards servicing the loan amount.

Buying a New Home

 

You have made the decision to sell your existing property. There are many reasons that may have led to this decision. Whether you're upsizing to a larger family home, downsizing, want a bigger yard, or simply a change of scenery, Total Home Loan Service love helping our clients take that next step towards reaching their ideal lifestyle. While this can often be a stressful process as you prepare to sell your house, and purchase a new home, our dedicated staff are available to answer questions you may have, and will work with you to make this transfer easier for you.

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Buying an Investment Property

 

Wanting to expand your Property portfolio? There are many advantages to owning an Investment Property such as increasing your asset portfolio, capital growth, and tax benefits. It is a good idea to do some research to decide whether this is right for you before you take this step. Once we understand your situation and assess your suitability, we will give you an idea of your borrowing capacity.

 

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Refinancing

 

There are several reasons why you might want to refinance your existing loan. This can be because you want to change financial institutions, or maybe you would like to retain additional funds for home renovations. Whatever your reason, Total Home Loan Service can compare loans across a large range of providers to ensure you are in a home loan that suits your individual needs and is affordable to you.

Debt Consolidation

 

When refinancing, it’s a good idea to look at your current financial situation. This may be a good time to consolidate some of those personal loans, or pay off your credit cards to reduce your monthly repayments. Credit cards and personal loans can have a higher interest rate than a home loan, so by consolidating into a new product, we can help to relieve financial stress.

 

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Construction Loans

 

If you have purchased land and are wanting to build your dream home, construction loans can be a great option. They are structured differently to other loans; in that you receive funds as instalments for when your builder requires a progress payment. In doing so, the interest payable will not start on the total loan amount after settlement; but will be calculated from when you access your funds. It will only charge interest on the amount that you have withdrawn and not on the total loan amount. Your builder will work on your house, and provide invoices throughout the progress. You provide these to the lending institution, and they will pay the invoice directly to your builder.

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Super Fund Home Loans

SMSF home loans can be used to buy property through your SMSF and give your super balance the benefit of property growth. A self-managed superannuation fund, or SMSF is a small super fund with less than five members in it. It's different from a standard super fund in that it is set up as a trust with the members being in direct control, meaning they can invest in what they like. This can include shares, property, cash, trusts and other managed investments.

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Deposit Bonds

A Deposit Bond can replace the need for a cash deposit. It is a convenient way of purchasing a property without the need to arrange a large cash deposit or immediately cashing in or selling an investment that may mature at some point in the future. The Deposit Bond is issued by an insurer to the vendor for all or part of the deposit required.

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What Happens after Settlement?

Congratulations, your loan has settled!! We are here to support you through the whole process including AFTER settlement. Our goal is to have a client for life. We are passionate about our services, our clients and their needs and we are confident we can continue to work with you if you decide to buy another property, or refinance in the future.

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© 2018 Total Home Loan Service Pty Ltd. ACN 138 244 578 is a Credit Representative No. 396856 of BLSSA Pty Ltd ACN 117 651 760 Australian Credit Licence No. 391237.

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