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Step 7: Finalise Your Home Loan

Your next step is to get your home loan formally(unconditionally) approved. For your own peace of mind, obtain the formal approval before paying any part of or the full deposit and exchange contracts. Even though you already hold a pre-approval, it is generally subject to a satisfactory valuation. The lender obtains an independent valuation report prior to the formal approval being issued. The valuer physically inspect the property and provides his / hers professional and independent opinion regarding the actual property and the local market.

Once the formal approval has been issued, the lender will instruct their legal department / legal representatives to prepare the Loan Agreement. Read through all the terms & conditions carefully and if you have any questions ask us.

For your own peace of mind, obtain an unconditional approval before exchanging the contracts…..
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•    Sign the conditional approval and return in back to the lender along with a   payment for your valuation/ establishment fee and any other requirements / conditions.

•    The lender will obtain an independent valuation report for mortgage purposes

•    Once all the conditions are met, the lender will issue an unconditional approval

•    Now you have a peace of mind and you can instruct your Solicitor / Conveyancer to exchange the contracts

•    The lender will also have a solicitor acting on their behalf. The lender’s solicitor will issue a Loan Agreement outlining all the terms and conditions of your newly approved loan. Read the Loan Agreement carefully and if you have any questions, don’t hesitate to ask us.

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