The Mortgage Broker Process

Step 1. Contact us at Forward Thinking Finance and arrange an appointment.

Step 2. At your appointment our Mortgage Broker will provide you with a Credit Guide and conduct a fact find of your personal financial and life situation.

Some important documents you should bring to your appointment:

(PAYG)

–  100 points of identification

–  Two recent payslips

–  Tax return

–  Group certificate

–  Credit Card statements

–  Car loan statements

–  Original bank statements

–  Six months of Home Loan statements (for refinance)

–  Rental Tenancy Agreement (investment)

–  Letter from Real Estate Agent (investment)

–  Rates notice (refinance, equity release)

–  FHOG – Great Start Grant Application (First Home Buyers – we can supply this for you)

–  Copy of the contract of sale

–  Your living expense details

–  Centrelink benefit statements or letters

(Self Employed)

–  100 points of identification

–  Last two years financial statements (Profit & Loss)

–  BAS statements (if partway through a financial year)

–  Personal tax returns

–  Credit Card statements

–  Car loan statements

–  Original bank statements

–  Six months of Home Loan statements (for refinance)

–  Rental Tenancy Agreement (investment)

–  Letter from Real Estate Agent (investment)

–  Rates notice (refinance, equity release)

–  FHOG – Great Start Grant Application (First Home Buyers – we can supply this for you)

–  Copy of the contract of sale

–  Your living expense details

–  Centrelink benefit statements or letters

Your Broker will then provide you with a preliminary assessment based on the information you have provided. For example: you will be informed about how much you can borrow, what will your repayments be and will a home loan be suitable at this present time.

Step 3.  Your Mortgage Broker will compare various lenders and products, help you select the right Loan and inform you if Lenders Mortgage Insurance is applicable (LMI). The details of the loan will be explained to you and you will be provided with a Credit Proposal, outlining the loan provider and product you are applying for. The repayment costs, fees and what commissions Forward Thinking Finance receives will also be detailed to you.

The Loan application will then be completed with our assistance and your Broker will have you sign the completed application. The application and all supporting documentation provided will be packaged and submitted to the Lender for assessment. This process is often completed electronically.

Step 4.  Either the Lender or your broker will order a valuation on the property you are purchasing or refinancing. The valuer who attends to the property will then provide a report to the Lender of their assessment.

Step 5.  The Lender will assess your application and provide feedback on any further requirements. The lender will usually provide a letter of offer to you (conditional approval or unconditional approval) and inform your broker of the outcome. On the other hand the lender may decline the application for various reasons. Don’t worry; you will be informed as to why if this is the case.

Step 6.  Loan documents will be sent to you for signing. You will then send the original signed copies back to the Lender.

Step 7.  Settlement: your lender will liaise with your conveyancer, solicitor and/or current lender (refinance) and arrange for settlement to take place.

Congratulations, everything has been finalised. The title of the property will now be transferred to your name.