Mark! A resident of Blacktown, NSW has been working full-time as a civil engineer at a Sydney-based company. Since he has a fixed & reliable income he is thinking of investment opportunities. He wants to be an own House Owner in NSW and from our website, he finds out the genuine benefits of Buying a House, he contacts our broker and they get in touch.
The first order of business is to discuss Mark’s plan on what kind of house he wants and how much he wants to borrow. Our team will only be able to advise once we get ahold of his financial details. We need our clients to be fully transparent with us about their liabilities and debts along with any default they might have had in the past.
After receiving all the required documents and information we conduct a free assessment for our clients, through which we will be able to understand their borrowing capacity. And after Mark agrees to the loan amount and property price advised by our broker we proceed ahead with lodging the application with the bank.
We can go for a pre-approval with the bank which in turn helps our clients to search for their desired property at the easiest convenience. Once the property is found and our team receives the Contract of Sales and deposit receipts we can then proceed for the final approval also known as Formal-Approval. If your loan application qualifies for the First Home Owners Grant, you can get a grant from the government which gives you funds of around $10,000 to $20,000 as per your application.
Bank will send the clients a few mortgage documents which will require their execution. After successfully receiving those back documents from the clients the bank will contact the required parties i.e(solicitors of each party such as buyers, sellers, and bank themselves) and book the settlement date.
On the day of settlement, the clients will get keys to their new house, the bank will get the house’s legal documents and the seller will get their money.
People have a misconception that buying a house in Australia is a very rigorous process, but here at Active Mortgage, we try to make everything as easy as possible for our clients.