Home > Homebuyers information > Buying your home > Home buying process
Home buying process
All you need to know about
buying a home
This guide takes you through the steps involved in buying a home, from your first contact with HomeStart up to when you get the keys to move in.
These steps are indicative of a standard home loan process.
1. Applying for a loan
Talk with a Loan Consultant about your situation. We’ll find the loan that best suits your needs.
2. Assessing your application
Meet with a Loan Consultant to have your application assessed. You will need to bring along a range of documents to support your application.
3. Getting an Approval in Principle
Once we’ve assessed your loan application, and you meet all eligibility criteria, you will receive an Approval in Principle. An Approval in Principle means HomeStart is willing to lend you a certain amount to buy a property (providing the information you have supplied is correct and all conditions are met). It can be organised in 5 to 10 days, and is valid for up to 3 months.
4. Hire a conveyancer
We recommend you hire a conveyancer at this stage, or even earlier. A conveyancer will check through the property contract and represent you on settlement day.
5. You find a home
When you find the house you want to call home, and sign the contract subject to finance, forward a copy of the contract to your Loan Consultant.
6. Arranging a home valuation
We will arrange for a valuation of the property. A valuation will help us confirm that the property’s value provides adequate security for your loan amount. This is also the time to let us know if you’d like to fix or split the interest rate on your loan.
7. Formal approval
If no other conditions need to be met, we may be able to supply you with formal approval in as little as 1 working day from receipt of a satisfactory valuation report.
8. Finalising mortgage documents
As soon as your mortgage documents have been correctly signed and witnessed, it is time to proceed to settlement.
9. Settlement
Your conveyancer and the vendor’s representative meet with us to exchange cheques and property title documents. Your conveyancer then provides you with the keys to your new home. Congratulations, you’re a home owner!
