Step 1. How Much Can I Borrow?         
         
Use our calculator to find out what your maximum borrowing capacity is. Remembering that this calculation alone doesn’t qualify you for a loan. Things like outstanding financial commitments, your credit history & savings will play a part.          
MyLender can arrange loans up to 100% of the purchase price, remember the higher the loan to value ratio the possibility of a higher the interest rate.         
         
Using the figure that the borrowing capacity calculator suggests & adding your deposit will give you a purchase price that you should be looking at. Remember that your will also have to have access to the costs associated with this transaction. If you use a rule of thumb of 3% of the purchase price you should fairly close. Costs are Mortgage Insurance, Mortgage Stamp Duty, Purchase Stamp Duty, Application Fees, Etc         
         
Step 2. Get a Pre-Approval.         
         
We can organise a Pre-Approval (APPLY NOW) with any number of Lenders. Our Approval In Principal may even have Mortgage Insurance approval already, thus only leaving the Lender to organise the Valuation to confirm the security as acceptable. Mortgage Insurance “pre-approval” will hasten the process as there is one less step once you have found a property that suits you.         
         
Step 3. Find a Property.         
         
Now the fun begins, time to find a property, whether you choose to look on the internet at one of the Real Estate websites of your choice, a MyLender network partner, the choice is obviously yours.          
         
While inspecting properties why not print out a couple of our Open House Checklists, we even have room for photo’s so with a digital camera you could have your own album of inspection with the relevant information at your fingertips.        
         
Step 4. Now you have found the right property!         
         
It’s time to put in an offer. If you are buying via the usual purchase treaty (other than Auction) your first offer should be the minimum you wish to pay. The seller will come back with a counter offer & so the game begins.      
         
Once your & the Vendor have agreed on a price the next step is to go to contract, the contract sets out the details of the sale & suggests a Finance Clause date, Settlement Date, details of the seller & buyer, solicitors details for each party, were you will obtain your finance & the agreed price. At this stage you should involve your Conveyancer or Solicitor. They will read the contract to make sure that all is in order.         
         
Step 5. Confirm the details of your Loan!         
         
Now that you have chosen your property the lender must confirm that the property is security that fits their guidelines as well as, if applicable, the Mortgage Insurers. The lender will organise a Valuation from an independent valuation company. Once this valuation is returned the lender & Mortgage Insurer will process the details of the valuation & if suitable will give unconditional approval. MyLender will be in contact with your solicitor to confirm unconditional approval, to satisfy your finance clause & make the contract to purchase unconditional.         
         
Warning most Lenders have the right to withdraw the approval. Most occasions this happens is when the application has been fraudulently completed & further information has come to hand.         
         
Step 6. Settlement         
         
How the settlement process works.         
         

1. Your Conveyancer/Solicitor will prepare & arrange for you to sign a transfer document. This document will be handed over at settlement, for it to be registered by the Lender who has agreed to lend you the money. After settlement this is the document that will transfer your details for your new property.
         

2. Your Solicitor/Conveyancer will be contacted by the sellers solicitor to arrange the time, date & place of the settlement.
         

3. Your solicitor/conveyancer will be in contact with prior to this date to confirm the funds required to finalise the transaction, this figure will include duties, government fees, searches required by the Lender. This figure is usually required via bank cheque one day before settlement.
         

4. After settlement has taken place the seller’s solicitor will be in contact with the Realtor to confirm settlement & this will allow you to pick-up the keys to your new home.
         

5. In the following days you will receive from your solicitor an invoice confirming disbursements etc.

Congratulations you are now officially a home owner.         
         
Of course you may decide that you can’t find the perfect property for you so you could decide to build your own dream home. The above information applies to constructed properties, for more information on construction of your own property Click here to APPLY.