Home Loan Process
A simple nine (9) step process: Getting an conditional pre-approval usually takes 1-2 days, the whole financing process takes 6- 8 days plus 42 days for a standard sale contract of a property.
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. (Day 1)
2. Negotiate with possible lenders: We will negotiate and talk to suitable lenders, we will update you once the loan has been submitted. ( Day 1-2 )
3. 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 ( Day 1-2 )
4. 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. ( Day 2-4 )
5. Conditional Approval Phase 2: We will follow up with lender, to make sure the application has gone through it's 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 ( Day 4-8 )
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 (10 % deposit), 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. ( Day 2-5 )
7. Valuation confirmed:( Unconditional approval) We will advise you once the valuation is ok and your ready to settle!! ( Standard settlement: 42 days) --------- CONGRATULATION ---------
8. Lenders insurance ( LVR UNDER 80% ) - we will follow up with the bank's insurance to make sure the deal has gone through as per their insurance guidelines( Day 3-5).
9. Lenders insurance confirmed:( Unconditional approval) Once confirmed your ready to settle!! ( Standard settlement: 42 days) --------- CONGRATULATION ---------
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ABN 57 142 142 407 | Australian Credit Licence 390573 | MFAA Approved Broker 58602 | COSL Member M0004711