The home loan approval process typically follows these key steps:

Initial Consultation
You meet with a mortgage broker or finance broker to assess your financial position, borrowing capacity, and home ownership goals. A qualified home loan broker in Melbourne can guide you through lender options and loan structures that best suit your needs.

Pre-Approval
The broker helps you gather documents such as payslips, bank statements, and ID. They then submit an application to a lender for conditional approval, giving you confidence to make an offer on a property.

Property Search & Offer
Once pre-approved, you can look for properties within your approved price range. When you find the right one, you can make an offer (or bid at auction) knowing your finances are backed.

Formal Approval
After your offer is accepted, the broker submits the full application with the property details. The lender conducts a property valuation and issues formal home loan approval once everything checks out.

Loan Documents & Signing
You’ll receive loan documents, which your mortgage broker will explain in detail. After signing, they are returned to the lender.

Settlement
On settlement day, the lender transfers the funds to the seller. Your finance broker may also coordinate with your conveyancer or solicitor to ensure the process runs smoothly.

Using the best mortgage broker Melbourne can significantly reduce the stress of this process, ensuring everything is handled professionally and efficiently from start to finish.