Better Choice > Home Loans > How to Apply

How to Apply

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Better Choice manages the loan process from start to finish.

Not only do we settle the loan application at hand, we urge our clients to contact us first if there are any post settlement/loan maintenance work required, and of course we want our clients to come back for their next loan – we know they will!

Step 1: Initial contact and information gathering

Whether you have contacted a Better Choice Broker by phone or email, the Broker will endeavour to gather information from the ‘get go’ so that the Broker will be equipped with relevant information at any subsequent face to face meeting. Once the broker has gathered preliminary information from you, he/she will provide you with a list of documents you will need to provide to enable the Broker to perform their analysis.

Step 2: Face to face/Skype* meeting

At this meeting you will provide the Broker with documentary information required previously.

The Broker will analyse the information provided in line with your current lending needs, i.e. buying a house to live in, buying a house to rent out, or refinancing. Once the Broker has established your eligibility, they will then present the products of a number of lenders, setting out:

Loan Features and benefits
Loan interest rates (including the comparison rate)
Any establishment fees and any ongoing fees

From the information presented you will make a choice as to which loan you wish the Broker to process for you.

Even though Better Choice has access to over 30 Lenders, they will not furnish you with 30 quotes from 30 Lenders – the Broker will generally present to you the top 5 options from each product type and ask you to make a decision from there.

The Broker will now fill out the myriad of paperwork required for a loan application, and then have you vet and sign the appropriate forms. Please allow at least one hour for this meeting with a Broker.

* If your meeting with the Broker is via Skype, you may need to supply the Broker with ID that has been certified valid.

Step 3: Packaging & submitting the loan application

The Broker will take away the application and supporting documentation and perform a little more “due diligence” back at the office. The Broker will prepare a submission on the application covering off points such as income, employment & purpose of funds.

Your application will be loaded and submitted online, with a hard copy of supporting information electronically sent to the lender.

The Broker may choose to order a valuation on your property at this point.

Step 4: The response from the lender

Usually the lender will respond to the application within 48 hours. The response of the lender will be one of the following:

Formally approved – proceed to Step 5 or
Conditionally approved – collect the additional information requested and/or order a valuation if not already ordered or
Declined – Endeavour to overturn the decision or discuss with you the possibility of submitting the application to another lender.

Step 5:

Once formally approved, the Broker will:

Advise all stakeholders of the approval e.g. Estate Agents, Settlement Agents/Conveyancers and lenders that are being refinanced
Have the lender prepare loan contracts, mortgages and other necessary paperwork.

Step 6:

The lender will issue the documents to you the Borrower. You may request the assistance of the Broker to complete the documents.

Step 7:

The Broker will see the loan through to settlement.

Step 8:

The Broker will endure all necessary checks and balances are performed, e.g. all direct debits are in place, addresses updated and offset accounts linked.

Step 9:

Your Broker is always available for any post settlement lending activities you may require, i.e. Switching the loan to a fixed or variable rate, switching between principal and interest and interest only and partial or full discharges.

Once your loan is settled, the property will be transferred into your name.