Streamlined Home Loan Approach
At Whiteroom Finance we have a streamlined approach to getting you a home loan.
The time it takes to complete each stage will vary from customer to customer and in some instances a step might be skipped, or additional stages added, but below is the process most of our customers go through.
1. Initial Contact
When you contact us, we will put you in touch with one of our experienced Brokers who together with their support staff will work with you throughout the journey.
We’ll send you a link to our Online Fact Find where you can provide us your basic information.
2. Understanding Your Needs
Everyone’s situation is different. To ensure we find the right loan for you, we’ll review the information you have provided and contact you to ask some questions so we can better understand your financial position, the sort of loan you need, and the loan options you may qualify for.
3. Meeting and Identification
Once we have enough information about you and a good understanding of whether we can assist, we’ll arrange a meeting. At this meeting we will discuss your needs in a bit more detail and some of the loan options we feel we may recommend. This meeting also gives us the opportunity to discuss the other important services and facilities we provide, to meet our identification obligations and to most importantly, allow you the time to ask us all the questions you haven’t yet got answers to (we prefer a face-to-face meeting, but online is also acceptable)
4. Finding a Loan that Fits
By now your Broker will have a strong idea about what you need. They will review the different loan products available through our 30+ lenders and present you with a personalised recommendation plan (known as the ‘Game Plan’).
5. Preparing Your Application
Once you’ve agreed on which lender you’d like to work with, your Broker will complete an application on your behalf, using the information you have shared with them. All you need do is review the information laid out in the application documents and sign when you are comfortable all is in order.
Your Broker may need to ask you to supply some updated or additional lender specific supporting documents to verify your financial situation. Again, this can all be uploaded to our secure platform.
When the paperwork is ready your Broker will send these off to the lender to assess.
6. Lender Assessment
The lender will review your application and if everything stacks up and it is required, they will arrange mortgage insurance and a property valuation. It can take approximately 2 to 3 days (depending on location and access) before this valuation will arrive with the lender.
7. Outstanding Conditions (if required)
If the lender requires anything further to meet their conditions, they will let us know and one of our team will be in touch with you to discuss.
8. Unconditional/Formal Approval
Once all conditions have been met by the lender, they will provide your Broker with written approval. You can expect a call from one of the team to congratulate you.
Now is the time to think about arranging insurance on the property, as you’ll need this for settlement.
9. Loan Documents Issued
The lender will issue you with a full set of mortgage documents.
In case anything looks confusing, we’ll be right there ready to help.
10. Loan Documents Signed and Returned
If you’re happy with the terms outlined in the documents, they will need to be signed by all relevant parties and returned directly to the lender within five days of receiving them.
11. Loan Settlement
Your solicitor/conveyancer (we can help you find one) will now prepare the necessary paperwork which can take up to five days. When complete they will contact the lender to arrange settlement.
We’ll be there for you also during the settlement process to let you know everything has gone though.
Once the paperwork is in place you can draw down the loan and the property ownership will be transferred to you.
(Followed by popping of corks and a huge sigh of relief!)
12. Together for the Long Haul
Please note this is just the beginning of our partnership. We will continue to support you after your loan has settled and help identify new opportunities as your situation changes.