Nine Steps to Securing Your Home Loan

1. Interview. Your mortgage broker will discuss your individual needs and requirements at your initial interview, to ensure your get the home loan that suits your situation.

2. Loan Application Process. Your mortgage broker will ensure you have all the necessary documentation for your home loan application and lodge it on your behalf with your selected lender.

3. Assessment. The lender will assess your application to determine whether you meet their serviceability requirements, including confirmation of your income and a credit reference check.

4. Conditional Approval. Your mortgage broker will receive conditional approval on your behalf. The lender will also outline any matters that need to be addressed before it can issue an unconditional approval. Your broker will discuss these with you in detail.

5. Security Assessment (Valuation Report). During the security assessment the lender may order a valuation on the property being purchased.

6. Lenders Mortgage Insurance (LMI). If required, your lender will now submit your application for Lenders Mortgage Insurance (LMI) assessment.

7. Unconditional Approval (Full Approval). Once your home loan is unconditionally approved, a formal Letter of Offer will be issued by the lender.

8. Loan Settlement. Loan documentation is issued and should be forwarded to your solicitor/conveyancer, who will then liaise with the lender to schedule a settlement date.

9. Insurance. There are two types of insurance you should consider; Home and Contents Insurance and Life/Income Protection Insurance.