Purchasing your first house can be a confusing and time-consuming process.
We have created a detailed guide below to help you successfully obtain a home loan approval for the purchase of your first residence.
Get ready for house searching.
- Save a deposit
- Understanding home buying prices
- Understand how much you can afford.
- Understand revenue sources and the loan application process.
Arrange the necessary documentation for the home loan application.
To evaluate your eligibility and determine the amount you can borrow, banks will require the following documents:
- Proof of deposit.
- Income verification.
- Account statements.
- Identification verification, and the Sale and Purchase Agreement.
Reach out to us to initiate your home loan application.
We will first assess your situation to confirm your eligibility for a home loan. If you wish, we can submit applications to various lenders, providing you with the flexibility to choose the lender that best suits your needs.
Additionally, we will tailor your loan structure to enable you to pay it off more quickly than the typical duration offered by most lenders, helping you minimize unnecessary interest expenses, whenever feasible and in line with your financial capacity.
Explore Your Perfect Home
Evaluate all elements of your prospective residence.
In your quest for the ideal home, it is essential to look beyond just the interior and exterior features of the property. Numerous other factors should be taken into account to ensure a well-informed final decision.
Submit an offer for the house
Having identified your ideal home, it is now the moment to present an offer for the property and finalize the transaction.
Complete Your Home Loan Process with the Bank
Having met the requirements set by the bank during the pre-approval stage, which include submitting the sale purchase agreement, valuation report, building inspection report, and a rental appraisal if applicable, you are now ready to proceed with the acquisition of your new property.
At this stage, the bank will present you with their loan terms and conditions. This will encompass details such as interest rates, loan duration, estimated repayment amounts, and any financial contributions needed to cover the legal and other expenses you have incurred to date.
Select the appropriate home loan options
Organize your mortgage effectively
It’s an essential step in the entire loan process. The configuration of your loan will influence the duration required to fully repay it. Additionally, this is the stage where you can evaluate offers from different banks to ensure you are securing the most advantageous deal.
