Refinancing has a proper different process. The following steps are not the advice, but it is the general process through which you can purchase your home by following the structure of time and loan.

home loan process australia

home loan process australia

Pre-approval is also known as Conditional Approval or AIP (Approval in Principal). The Pre-approval used when lender has built trust in you and lend you some money by assessing your liabilities, income, credit history.
The property you find must be equal or more than the sale price of the contract as per the condition. And during this period of assessment, your financial situation should remain the same. After that, you will have a period of 3 to 6 months to find a property. Ask a professional like Mark, a broker in penrith.

Finding a house:
Finding a house is not easy. Therefore, the simple way to get the right home is to build a connection with real state agents. They will contact you when they get a house to sell. You should also know your maximum purchase limit. You have to set the maximum limit for the accommodation of the seller for pre-approval amount. However, if you find out the less purchase price, then you can reduce the borrowing -cost any time. On the other hand, if you get short of money, when the home you want to purchase is a bit expensive, then you will have to move through a lengthy process.

Cooling off period and Holding Deposit:

After finding your house, place a small deposit to the seller. It will allow you to get 5-10 days cooling-off period.
You should ask your advocate for Ten days period so that you can complete the following steps:

When cooling-off period will get expired, you will be asked for a 10% deposit. For some deposit on your home, you want to depend on the lending amount of bank. Then the mortgage broker will have the time to establish a guarantee for cash deposit. For more details, please visit the Deposit Power Website.

Your solicitor will have the time to complete house checks, structure, pets, and other stuff.

The lender will get you a Formal approval from Pre-approval.

When you will hold a deposit and sign a contract of sale or exchange of contracts, then you will be provided with a contract of sale with a purchase price.

If the valuation is in line with the contract price and it comes to return, then you will get formal approval. It will give a self-assurance to deposit 10% for the home you are purchasing.

Loan contracts signing:

From depositing 10% to the settlement of your loan, the process will take around 45 days. You will receive loan documents for signing after one week of getting formal approval. Once you get them signed, it will be certified and approved by the lender. Then, the documents for disbursement of funds and settlement will get ready.


When the process comes to property transfer into your name and disbursement of the fund, then it means you are ready to move into your new house.

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