Austral Mortgage Corporation | Mortgage | mortgage calculator | debt consolidation | investment loan | First Home Buyer | Mortgage rates | refinance | Offset home loans | Property Finance

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…..
istock_000002455791xsmall_edited

•    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.

Next 1 2 3 4 5 6 7 8 9 10

[ Back ]

Home

About Austral

Our Products

Austral Deposit Bonds

Customer Login

Austral provides easy access to Manage your Loan Account Online. Click below to log-in or register for log-in if you haven't already done so. Join Referrer Programme & save $$$ off your mortgage.

Log-In

Newsletter Signup

Full Member of MFAA
Austral is a member of the Mortgage & Finance Association of Australia (formerly MIAA), the professional body for the mortgage industry.

PH: 02 9299 1833 / FAX: 02 9299 1874

TODAY: Thursday, 20th November, 2008

WEALTH MAXIMISER - INVESTOR ASSIST UPDATE - JUNE 2008
The ATO has recently published an edited version of a Private Ruling on its website: http://www.ato.gov.au/rba/content.asp?doc=/rba/content/81797.htm A taxpayer and client of Austral Mortgage, applied for the private ruling to seek confirmation from the ATO that if there was a shortfall between his investment income and his investment outgoings then that shortfall could be capitalised under the home and investment loan & line of credit structure noted in his application.

WEALTH MAXIMISER UPDATE - MAY 2008
Ever since the High Court decision in Hart's case, taxpayers have been seeking clarity from the ATO on the deductibility of capitalised interest in certain loan structures. On 16th April 2008 a favourable Private Ruling issued to an Austral client that provides insight into the ATO's current thinking on the subject.

My Choice
Austral has recently expanded its product offering through its My Choice loan initiative. My Choice provides borrowers with access to a wide range of lenders and loan products for residential, commercial and equipment finance, so no matter what your need our friendly and experienced staff can assist you.

Austral in the Community
Austral Mortgage has been a Principal Sponsor of the Winston Hills Little Athletics Club since October 2006. We are proud to be supporting this community project and congratulate the young athletes of WHLA for their commitment to and successes in the sport.

WEALTH MAXIMISER UPDATE - FEBRUARY 2008
Wealth Maximiser Update 12th February 2008 - We have advice from the ATO that it is well advanced on a binding Tax Determination regarding the deductibility of capitalised interest on a line of credit facility. Borrowers with both a home loan and an investment loan should consider including a capitalising line of credit within their loan structure or at least ascertaining from their lender that they could access such a facility by way of a simple variation of their existing mortgage.

Trans Tasman Finance
Did you know that Austral has a wholly owned subsidiary, Gem Home Loans Limited, in Auckland NZ - we are able to assist with organising mortgage finance for you should you be considering buying property in NZ.

AusComm Finance
AusComm is the specialist Construction and Development division of Austral Mortgage - if you are a developer seeking finance for construction purposes - residential, commercial, retail, industrial - give Peter McAuley a call on 0419 220 630 or email him peter.mcauley@australmortgage.com to discuss your funding requirements.

Mortgage Calculator
A number of excellent resource tools are now available on the internet for people in Australia seeking a loan to finance the purchase of a property or refinance an existing mortgage. One of the most useful and user friendly tools is a mortgage calculator. Before going too far in the purchase and /or borrowing process it is a worthwhile exercise to quickly gauge your borrowing capacity and also determine how your new mortgage repayments will impact on your personal cash flow. Mortgage calculator...

How can we help?
I would like more information on ...