Here’s a brief summary of the investment home loan approval process:

• Pre-approval:

Before starting your property search, it’s a good idea to secure pre-approval. Share your financial details with a lender or mortgage broker to determine your borrowing capacity. Pre-approval also strengthens your position when making an offer.

• Documentation:

After selecting a property, gather and submit required documents, such as proof of identity, income, and information about existing debts.

• Loan application:

Submit a formal loan application, including your financial details and the property information.

• Property valuation:

The lender will evaluate the property’s value to ensure it aligns with the requested loan amount.

• Assessment and approval:

The lender reviews your application and the property valuation. If all criteria are met, formal loan approval is granted.

• Conditional approval:

In some cases, the approval may come with conditions, such as submitting additional documents before finalisation.

• Loan offer:

Carefully review the loan offer, which outlines the loan amount, interest rate, and terms. Once satisfied, accept the offer.

• Settlement:

The lender transfers the funds to complete the purchase. Finalise legal and administrative steps to complete the property transfer.