Ultimate Guide to the Home Loan Application Process

It’s time to begin house hunting, but where do you start? What kind of house can you afford?

Buying a house is an exciting time, so don’t let the process overwhelm you. By using a mortgage broker’s services, you can be on your way to home ownership even quicker than you’d imagine.

There are 3 main phases in the application process:

  1. Understanding your Finances
  2. Application Process
  3. Pre-approval & Settlement


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Understanding your Finances

Understanding your finances and what is required for a home loan approval can be confusing.The best place to begin when looking to undertake a home loan would be to speak to a mortgage broker. They work on your behalf to find the most suitable home loan for your needs. Together they’ll work with you to understand your situation, your needs and your objectives for getting a home loan.

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A mortgage broker will help you prepare all the correct information and documents required in order to maximise your chances of loan approval with minimum difficulty. As part of your assessment, your amount you’re allowed to borrow will be calculated. Your broker will present you with available loan options and together you can choose the most suitable option for you. Your application will then be submitted to the lender.

Pre- Approval & Settlement

After your application has been submitted, you’ll be informed if you’ve received a conditional approval, also known as a pre-approval. This means that you have met most of the lenders requirements for a home loan.

When you have chosen your property and the lender has everything they need, they will provide you with a formal approval and send over your loan contract. Loan funds can then be advanced and made available to you to secure your property.

Your mortgage broker will contact you after your loan has been set up to make sure that you understand the loan’s terms and conditions and how to make the repayments correctly. If you require any additional services, your broker can help you make an informed decision or answer any questions you may have.

In addition, read our popular post about Adding value through renovation

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Why to choose Break Free Home Loans Melbourne?

Looking for home loans in Melbourne? Look no further than Break Free Home Loans. We are a mortgage broker that can help you find the best home loan for your needs. We work with a variety of lenders to get you the best rate possible.

We understand that everyone’s situation is different, which is why we offer a personalised service. We take the time to understand your needs and financial situation before finding the right home loan for you.

We also offer car loans in Melbourne. So if you’re looking to finance a new car, we can help you find the best loan for your needs.

Contact us today to see how we can help you break free from high interest rates and save money on your home loan.

Also, read our popular post “Why you should be reviewing your home loan?”


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