Mortgage Process

Purchasing a property is a lengthy process if you try to do all by yourself. However, you may shorten that process by passing most of your burden to another, who is competent and prepared to serve you free of charge. We suggest you contact a Mortgage Consultant. It will help you to avoid visiting several Lenders, looking for the best deal and attending to documentation and follow-up thereafter. When you select the Mortgage Consultant, look for an Industry accredited person, and a member of an independent dispute resolution body. Then you are confident, that you are dealing with a professional whose activities are bound by codes of ethics.

Take no leave from work place. Do not rush lunch hour. You may call Sisira (0433 693 900 or 03 9704 7844) to arrange the discussion at your place of choice, after work or at a time convenient to you.

Find out how much Lenders are to prepared to lend, how much you can borrow and your repayments. At TAPRO, we want to recommend loan products which suit your present circumstances and help you to achieve your financial objectives. Therefore, we would like to know more about your financial goals and present financial situation. Based on that information, and with our expertise, we shall recommend you the suitable products meeting your requirements.

We will complete the loan application and other required documents on your behalf. There is no need to spend time interpreting terms and clarifying points in the Application. You only need to sign (except for the documents required to be completed by the Borrower only) after verifying data is correct. Of course, the Consultant is with you to clarify anything if needed. Isn’t it wonderful, that we relieve yourself to spend your precious time in a better way?

Different processes with Lenders usually are data entry, credit assessment and verification. We always keep you on the loop informing the developments where necessary. We do proactive follow-up to cut down unnecessary delays. Lender may be able to provide formal approval in case we have been able to provide all the necessary data including details of the property to be purchased, valuation reports (with certain Lenders Consultant can order valuation prior to lodgment of the Application) and has complied with the Lenders assessment criteria.

Pre-approval is a confirmation that the Lender has principally agreed to lend, subject to conditions enumerated in the Pre-approval. Generally, the conditions are acceptability of the property as security, acceptable valuation, acceptance by Mortgage Insurer if LMI is required, no changes in the circumstances of the borrowers etc.

Secure the services of a Solicitor to handle the legal aspect of the transaction. He/She is expected to verify the acceptability of title of the property. Your Solicitor will communicate with the Lender as well as the Solicitor of the Vendor to collect documents, payment figures etc. It is the Solicitor who shall co-ordinate the settlement process.

With certain Lenders, the Consultant shall arrange the valuation with a Valuer prior to requesting the formal approval. This will help to reduce the time in the mortgage process.

Letter of Offer is the formal notification informing that the facility has been approved. It contains all the terms and conditions to which both Lender and Applicant would be bound.

Letter of Offer is the Legal document on which the Credit Contract is based. Therefore, you should be fully aware of its content and ensure you have been offered the product/s which was expected. Our Consultants would be happy to assist you to understand the documents, if required.

Your Solicitor will liaise with the Bank and the Vendor’s Solicitor to fix the date of settlement and other matters relating to settlement. Solicitor will act as an intermediary in providing necessary legal documents between these parties and obtain the break-up of council rates and charges payable and workout the final settlement figure.

You would now realize the critical role played by TAPRO Consultants throughout your mortgage process. Though the process is lengthy, you have your TAPRO Consultant performing most of the steps, thus making your life easy.