Overview of the Home Loan Process

At HomeStart, we know how important it is for you to understand the process involved in applying for a home loan.

To give you some insight into the home loan process, we've outlined the steps below, beginning with your initial contact with HomeStart right through to the final stage of owning your home!

(These steps are indicative of a standard home loan process and at times may vary.)

1. Application
   The first step when applying for a home loan is to contact a HomeStart Loan Specialist on 8203 4000 or Freecall 1800 018 788 from regional locations. We will chat to you about your situation and determine the loan solution that best suits your needs. 
   
   
2. Meet Your Loan Specialist
   Now it's time to meet with your Loan Consultant (or organise for a mobile lender to meet with you) to assess your application.
   
   
3. Eligibility
   To qualify for a home loan, you need to provide us with documentation to support your application. This information must satisfy our eligibility criteria, which means that it must meet our credit assessment requirements.
   
   (Once we have determined that you have met the criteria, the appropriate documents will be sent to you.)
   
   
4. Approval in Principle
   An Approval in Principle indicates that HomeStart is willing to enter into a loan agreement with you (providing that all of the information that you have supplied is correct and all conditions are met).
   
   This can be organised within 5 to 10 days and is valid for up to 6 months, which gives you time for some serious house hunting.
   
   
5. Contract
   Once you have found a house that you want to call home and you sign the contract, it's now time to forward a copy of this contract to your Loan Consultant.
   
   
6. Valuation of the Property
   HomeStart will arrange for a valuation of the property using one of our preferred valuers.
   
   
7. Formal Approval
   Providing that the valuation of the property is satisfactory and no other conditions need to be met, HomeStart will supply you with formal approval within one working day from receipt of the valuation report.
   
   
8. Mortgage Documents
   As soon as HomeStart's mortgage documents have been correctly signed and witnessed, it is time to proceed to settlement.
   
   
9. Settlement
   Congratulations, it's time to collect the keys to your new home!
   

Do you want to find out how your home loan application is progressing? Simply contact us online, or call 8203 4000 or Freecall 1800 018 788 from regional locations.