Loan Process
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Loan Process
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Loan Process

LOAN PROCESS

You’ve found a property, what next?

Once you’ve found a property you are interested in, it’s time to get stuck into the buying process. Our guide below outlines the steps involved in purchasing a property, though the order in which these events may occur can vary.

Step 1

Talk to We Know Loans

Step one in the home loan process is talking to a qualified home loan expert.

Getting in touch with your one of the team from We Know Loans and setting up an appointment is a key step to start your journey! Since 2004, We Know Loans has helped thousands of clients find the home loan that suits them so there is a good chance they can help you too.
Step 1
Step 2

Your home loan appointment

Prior to your appointment, a call or Zoom with one of the team will get the ball rolling. Your home loan specialist will send you a digital fact find to complete, this will give us a snapshot of your current financial position. When making an appointment we may ask you to bring some paperwork to the appointment to get ready for your application. This paperwork may include:

• Recent bank statements, pay slips and group certificates that provide evidence of your income, spending and your saving history
• Details of your current assets and liabilities including any personal loans, investments, credit card debts, car repayments and so on
• A summary of your usual household and living expenses
• Personal ID such as birth certificate, driver’s licence, current passport or citizenship certificate

This is not an extensive list and depending on your individual circumstances there may be some additional paperwork required for your application. Our lending specialist will take the time to understand your situation, present you with options, then help you choose the right loan for your unique situation.
Step 2
Step 3

Submitting your application

Once you have chosen the loan that suits your needs and are ready to begin the application process, your We Know Loans lending specialist can guide you through the home loan application and paperwork.
Step 3
Step 4

Getting conditional approval

It may take some time hear back from the lender as to whether your application is conditionally approved, your lending specialist can give you an idea of current bank service levels at the time of application. As the lender processes your application, you will receive a conditional approval (or pre-approval if you don’t yet have a Contract of Sale) It is usually subject to a valuation or some additional information. The lender isn’t committing to anything yet, but they are cautiously saying that they may be able to approve your home loan if you meet certain requirements.

If you are currently searching for a property a pre-approval should be considered as it gives you time to continue your property search while working on a home loan application with your broker. It is important to note that most lenders issue pre-approvals that last up to three months.
Step 4
Step 5

Getting unconditional approval

You will receive unconditional approval from your lender when they have completed all of their checks and are happy with the information you have provided. Once you have received the unconditional approval loan documents will be ordered and you can pay the deposit for your home if you are purchasing.
Step 5
Step 6

Review your loan documents

When your loan documents arrive, your lender will send you a formal letter of offer plus other paperwork required to set up your new loan. It is important that you read and understand the paperwork you receive. We Know Loans or your legal representative can guide you through this process.
Step 6
Step 7

Sign your loan documents

Once you are happy with the loan documents, it’s time to sign on the dotted line and return them to the lender. Your home loan specialist can assist you with this process and witness any required documents.
Step 7
Step 8

Confirmation of settlement

If you are purchasing, a settlement date will have been set when contracts were exchanged. This is usually between 30 and 90 days after signing the Contract of Sale but varies between each state. If you are refinancing, you will need to complete a discharge authority and the outgoing lender will determine the settlement date.
Step 8
Step 9

Finalise transactions

If you are purchasing, your legal representative will work with you up until settlement to confirm settlement adjustments and provision of any additional funds for settlement. Your We Know Loans lending specialist will keep you informed on your refinance transaction.
Step 9
Step 10

Loan and property are settled

Congratulations—your new loan and new home is ready to go!

There may have been a few head scratches and sleepless nights along the way, but with the help of We Know Loans, we hope you have been able to understand the process and what to expect.
Step 10

Make the most of what you have

We really do know loans, talk to us today about your loan needs.

TESTIMONIALS

What People Say

“This was our third purchase with Derek, we have moved interstate and we will continue to use Derek for future purchases! He is by far the best broker we've come across, (we had a couple of duds to start with). He went above and beyond to get our last house across the line, which was no easy feat with covid-19 throwing some spanners in the works! We highly recommend Derek and We Know Loans to everyone”
Daniel & Elise
Home Loan
“This was our third purchase with Derek, we have moved interstate and we will continue to use Derek for future purchases! He is by far the best broker we've come across, (we had a couple of duds to start with). He went above and beyond to get our last house across the line, which was no easy feat with covid-19 throwing some spanners in the works! We highly recommend Derek and We Know Loans to everyone”
Daniel & Elise
Home Loan
“This was our third purchase with Derek, we have moved interstate and we will continue to use Derek for future purchases! He is by far the best broker we've come across, (we had a couple of duds to start with). He went above and beyond to get our last house across the line, which was no easy feat with covid-19 throwing some spanners in the works! We highly recommend Derek and We Know Loans to everyone”
Daniel & Elise
Home Loan