Understanding the home loan process can be complex, but with ArrowFin, we make it straightforward and tailored to your needs. Here’s how we guide you through each step to ensure a smooth journey from application to approval.

Why Consult an ArrowFin Broker?

Speaking with a broker in person is often the best way to grasp the nuances of home loans and how they align with your financial goals. During our consultation, we’ll get to know you better, understand your needs, and address any questions you have about choosing a loan, applying, and the entire approval process. We’re flexible with our meeting times and locations—whether at your home, office, or a favorite café—day or night.

The Loan Process with ArrowFin

1. Arrange a Pre-Approved Loan If you’re still searching for the perfect property or just starting, a pre-approved loan can be incredibly beneficial. It provides clarity on your spending limits and positions you favorably when making offers. With preapproval, you can move swiftly on properties that catch your eye, giving you a competitive edge over other buyers. Remember, even with pre-approval, a finance clause in your sale contract is essential.

2. Find Your Property When searching for a property, thorough research is key. Investigate property prices, potential capital growth, and nearby infrastructure improvements like roads, public transport, and schools. If unsure about property values, consider a full valuation by a registered valuer before finalizing your decision.

3. Make an Offer and Sign a Contract of Sale Whether buying at auction or through a listing, you’ll need to sign a Contract of Sale, which details the selling price and terms. Include conditions such as subject to lender approval, a building inspection, and a pest inspection. The period between signing and settlement is usually six weeks but can vary. Note that your lender will require a property valuation before issuing final approval.

4. Appoint a Conveyancer A conveyancer or solicitor will handle the legal aspects of your property purchase. They will ensure all rates and taxes are paid, check land use approvals, and order necessary searches. On settlement day, your conveyancer will verify that the correct amount has been transferred and all fees, like Stamp Duty, are settled, finalizing your legal ownership.

5. Pay a Deposit After signing the Contract of Sale, you’ll need to pay a deposit. This will come from your savings or another source since you won’t have access to your home loan funds yet. Alternatively, you might arrange a deposit bond until settlement.

6. Cooling-Off Period If you didn’t purchase at auction, you might have a cooling-off period to cancel the contract, potentially with a small penalty. Cooling-off periods vary by state, so check with your state authority for specific details.

7. Unconditional Contracts Exercise caution when signing an unconditional contract or bidding at auction if you’re uncertain about securing finance or buying the property. Seeking legal advice before committing to a sale contract or auction bid is highly recommended.

Ready to Start Your Journey?

At ArrowFin, we’re here to guide you through every step of the loan process with confidence and clarity. Contact us today to schedule a consultation and explore your options.

ArrowFin – Guiding You with Confidence