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The Journey of Home Ownership Using a Mortgage Broker

Are you planning to purchase your first home, next home or an investment property and wondering what’s involved when using a Mortgage Broker from 40 Forty Finance?

With 70% of all home loan applications facilitated by Mortgage Brokers in Australia, more and more borrowers are turning towards these lending specialists to help navigate the buying process and lending market. With home ownership often the biggest expense in one’s life, it is fundamental that the right guidance and support is provided from the outset.

Applying for a home loan can be complex, time consuming and daunting, especially if it’s your first home, so here is a summary or the major steps a prospective borrower will encounter throughout their journey of home ownership:

1. Connecting with 40 Forty Finance

Connecting with 40 Forty Finance can be as simple as reaching out to one of our brokers where they will arrange a time to speak to you. It is within this phone call that the broker will ask several questions relating to your goals and objectives as well as your current financial and lifestyle situation.

2. Assessing Your Circumstances

Once you have had initial contact with a 40 Forty Finance broker, you will be asked to complete a Privacy Consent Form and fill in an online Fact Find. It is within this Fact Find that you will be required to list your personal, employment and financial information which will be used to model up various scenarios and lender products that suit your needs. In addition, you will be provided with a list of documents to provide which will enable 40 Forty Finance to clearly assess your position.

3. Reviewing the Options

It is at this stage where a Zoom meeting will be arranged to run through possible options relating to your goals. 40 Forty Finance will present and recommended clear lending structures and strategies that are consistent with your objectives and requirements. This is a great opportunity to ask questions relating to specific lender requirements, assessment time frames or any other expectations.

4. Lodging your Application

Once you have decided on your preferred course of action, an application is made to your preferred lender. The application is filled in by 40 Forty Finance and you will be asked to sign application forms and provide any additional supporting documentation required for your submission.

5. Lender Assessment & Decision

Once 40 Forty Finance lodges your application, you will be given clear information as to the likely assessment timeframe at your preferred lender. It is during this assessment period that the lender may request further information which will be relayed back to you to source and provide. 40 Forty Finance with liaise between the lender and you to ensure the lines of communication is very clear. Once your loan is approved, 40 Forty Finance will complete the signing of loan contracts with you and guide you in preparing for settlement.

6. Settlement

Preparing for settlement is where 40 Forty Finance will liaise with your Conveyancer or Solicitor to ensure your purchase goes through smoothly. Most of the work is done well before settlement day so there is a little stress as possible on the actual day when the property becomes your home.

7. Home Ownership

After settlement has successfully gone through you can now enjoy your new property. Now that you have a home loan in place, 40 Forty Finance will provide ongoing updates and loan reviews annually to ensure your needs are met and your home loan product remains the most competitive option for your circumstances.

If you are looking to start your home ownership journey or wish to discuss anything about homes loans then click here to get in touch with one of our friendly brokers.


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