The Residential Loan Application Process
At Naritas, we recognise that your main priority is to get the best home loan for your situation within in the time constraints that you give us.
We make borrowing simple for you! Your broker will understand exactly what is required to achieve your dreams of owning a new property or refinancing an old one that has a loan that is no longer A-Rate.
Included below is a brief run-down of what you can expect when you make an enquiry regarding residential finance.
THE INTERVIEW – We explain in person or by phone the mortgage options available to you. Rates, fees and qualifying guidelines are discussed so that you know exactly what is involved. We should be able to give you an approximate idea of how much you can borrow, how much it will cost and how soon it can be arranged.
If you’d prefer, you can complete our online enquiry form. It has the information required for one of our broker’s to give you an idea of whether we can be of assistance to you. Rest assured all your details are kept 100% private and confidential - please refer to our privacy policy if you have any concerns.
THE APPLICATION – It is important that complete and accurate information is provided to the lender so that we can get you an answer quickly. We will assist you in completing the application, so if you don’t understand how to get the information or specifically which documents we need your broker is always only too happy to be of assistance. As a rough guide, you will need to supply us the following information.
PURCHASE and PROPERTY DETAILS – a copy of the sale contract, contact details for your solicitor and Real Estate agent are required. We will then organise a property valuation.
VERIFICATION OF INCOME – it is important that you can demonstrate the ability to service your financial commitments. A detailed employment history, copies of payslips and income tax returns must be supplied.
If you are self employed, you will also need to supply a current set of financial statements from your accountant.
PERSONAL ASSETS and LIABILITIES – we will need to get bank statements and account balances. Details of other investments, current life insurance policies, real estate owned, personal property and motor vehicles should be included to strengthen your application. Your current level of debt is also required for our assessment. Information on all current obligations ( loans, credit cards, other debt) must be listed.
THE FINAL PIECES IN THE PUZZLE – A Finance Brokers Contract and Privacy form needs to be signed to enable us to access your credit report. While your application is being assessed, additional information may be requested to clarify or verify any issues.
GOOD NEWS! - Once the application has been approved, you will receive a letter of offer, outlining all the terms and conditions of your loan.
CONGRATULATIONS , you are now in a position to complete the purchase of your new home!