Our Process

There are a variety of lenders, all offering a range of loan types and products. Our experienced brokers will discuss your current and future circumstances, as well as your financial needs, to determine the right fit for you. They will also discuss with you the lending facilities and any additional ‘hidden costs’ associated with your loan product and banking institution. These fees may include application and discharge fees, variation costs which can differ between lenders Finding and buying a home can involve extra costs which may include – application fees, stamp duty, mortgage insurance, solicitor fees, Government charges, moving costs, building and pest inspection and valuations.

When applying for any home loan, lenders require certain information and documentation to be submitted with the application.

Documents to verify your income and asset/liability position may include:

• Payslips
• Letters from employers
• Tax returns, Financials and Tax Assessments
• Evidence of Centrelink income
• Council rates notices
• Rental Income verification – current and expected
• Statements of existing home loans/personal loans/car loans
• Credit card statements
• Statements of savings and transaction accounts
• Identification

You will be sent a documents list detailing what is required

Additionally, when purchasing a property, the bank will require a Full and complete copy of the purchase contract. In QLD you are required to take out Building Insurance on the property you will be purchasing from the date you sign the contract.

During this submission process we will do preliminary assessments and calculations to determine if you qualify for the lender and loan selected. Where possible we will order a valuation depending on the Lender, prior to submitting to the bank for approval. 

Typically, your application cannot be submitted to the lender until we have received all required documentation, and you have signed the Application documents

Once your application is received by the lender several initial checks are conducted. These include verifying you can ‘service’ the loan, a credit report and in some cases verification of your employment status by your employer. If the loan is subject to mortgage insurance, your application along with your credit report and the valuation report will be sent to the mortgage insurer for assessment.

Once your application has been assessed the Lender will issue a Conditional approval and outline if any, the conditions to be able to fully approve your loan.

Once these conditions are met, we receive notification from the Lender that your application is unconditionally approved we will contact you to advise. We will also forward confirmation in writing to both you and your solicitor (in the case of a purchase).

In most cases your lender will email the Mortgage Documents to Best Home Loans. In some cases, the Lenders may send the documents direct to you via Docusign. Your Broker will check over the documents to make sure that every product selected, amount, names and address details are correct before contacting you. Once the checks are complete and everything is ready to go, we will contact you to make an appointment for you to come in and do a Loan Sign Up.

If you understand the Terms and Conditions of the offer and are happy with your loan offer you will sign your documents during the appointment, and we will send them back to the Lender on your behalf.

You will need to provide a copy of the Insurance Certificate of Currency with your nominated Lender noted to be sent back with the signed documents for settlement.

If you are purchasing a property, it is your solicitor’s responsibility to book and attend settlement on your behalf. For refinances your Broker and/or one of our Loans Processors will monitor the Lenders Solicitor to ensure that settlement is booked and any outstanding documents that may be required

Once your loan settles, we will be in contact with you to advise that settlement is complete. 

You will receive a phone call from our Admin Team around 4 to 6 weeks to confirm there were no issues with your first repayments.  Throughout the life of your loan, the team at Best Home Loans will touch base with you to ensure that you remain happy with your loan. If you should decide to do a variation or refinance your loan, we will assist you with this process.