How do I apply for a home loan?
Applying for a home loan can be exciting, but it can easily become confusing for many people. The first step is to make sure you have all your documentation organized, such as proof of income and personal identification, before you approach the lender. Your Local Melbourne Mortgage Broker can assist you and submit the application on your behalf. 
Our mortgage advisors have years of experience and knowledge with mortgages and gaining approval, so you know that the application the lender sees is the best it can possibly be.
Property valuation
If you are applying for a home loan, the property you wish to buy will need a property valuation. This is so that the lender can determine that the valuation is within the parameters of the conditional approval amount. Until the valuation has been completed the loan may be ‘conditional’. Once the valuation report has been sent to the lender, the loan will be fully approved. Keep a copy of all the documents for your own records.
Credit History
Your credit profile will be assessed and lenders will look at factors such as personal details, credit applications from the previous five years, overdue accounts, bankruptcy information and public record information.
Personal Identification
All home loans need proof of identity, no matter what the loan product is. All loan types, including low doc and no doc home loans require you to show personal identification.
Lenders Scoring Systems
Most lenders will use a Credit Scoring System, where all of your details from the application form are entered. This gives your application a weighted score. If your application passes a pre-determined level, you will more than likely be pre-approved, and if your application is in order, then this generally means you are approved, subject to property valuation.
If your application does not pass the computer scoring system, a (human) credit manager will receive your application and they will manually assess your case. They will generally ask for further information and documents. This is the stage where a mortgage broker is most effective for you.
Service standards can vary between the range of lenders and over different times, for example winter is generally quieter than summer in Melbourne for lenders. Approval time may not be important to you if you have a long settlement time, or are seeking pre-approval.
Personal Mortgage Broker
There is no need to do all this alone! Your personal mortgage broker assists you in the application process, can coordinate communications on your behalf, and can work to get you approved quicker.
You have nothing to loose, and you can be enjoying your new home sooner. Call Your Local Mortgage Broker today on  or submit your enquiry via our submission form below.
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More in this Section | For further information and help with your personal mortgage | Your Borrowing Capacity | Paying off your home loan faste | Why use a Melbourne Mortgage Broker |
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