A simple nine (9) step process: Getting an conditional fulll pre-approval usually takes 2-4 days, the whole financing process once a property is found takes 4- 5 days ( including Valuation and LMI approval if required)
A shape Home loan consultant will be working for you throughout the whole 9 step process, by regularly contracting you via email, SMS, phone call and face to face as required in each step.
Finance and strategy arrangement
1. Meeting with Shape Home loan consultant: Our consultant will do a detail finance check on how much you can borrow, which features you may require for your situations: We will collect information on employment, Credit, liability and asset. (1 day)
2. Negotiate with possible lenders: We will negotiate and talk to suitable lenders, we will update you once the loan has been submitted. (1-2 days)
3. Supporting Documentation: We will collect supporting documentation to prove your finance, liability and asset so that we can apply for "Unconditional approval" , this will speed up your settlement process and give you peace of mind.
4. Conditional Approval Phrase 1: Lender will do credit check and issue "conditional" approval, we will contact you with the confirmation, so you can shop around for your property (1-2 days)
5. Conditional Approval Phase 2: We will follow up with lender, to make sure the application has gone through its full credit check, the last thing you want is to sign a sale contact and the bank turning around saying the finance has been rejected due to your credit. So this step is a preventive step before signing the sale contract (1 day)
Shop for your property
6. Valuation: A shape home loan consultant will instruct the bank to go ahead with the valuation once the sale contract is signed, a private valuation or a pre-valuation can be done prior to signing the contract but we will advise you if required for your situation; depending on the property and price. (2-5 days)
Note: Upfront Valuation is possible for refinance deals to avoid unnecessary credit hits.
7. Valuation confirmed: We will advise you once the valuation is back and depending on the bank we may be able to give you a copy of the valuation report as well.
8. Loan at 80% LVR or under – Loan approved (NO LMI) -Unconditional approval. Once confirmed you’re ready to go!! CONGRATULATION (1-2 days after valuation received)
9. Loan Over 80% LVR– Loan approved (With LMI) : Unconditional approval from the bank and from LMI. Once confirmed your ready to settle!! CONGRATULATION ( 1 extra day from above step 8)