How it works.
Nobody explains this part properly, which is why the whole thing feels opaque when you’re doing it for the first time. Here is what actually happens, roughly how long each bit takes, and what we need from you along the way.
The first conversation.
We’ll ask what you’re looking at buying, what you earn, what you already owe, and what you want the loan to do. If you’re self-employed we’ll ask about the business rather than just a payslip. From that we can give you a realistic idea of what you’re able to borrow and what it costs to hold each month.
This part is a conversation, not an application. There’s no credit check and nothing goes to a lender. Most people ring us at this point precisely because they haven’t decided anything yet, and that’s the useful time to talk.
Usually half an hour. What we need from you: nothing, just the conversation.
Comparing lenders.
Lenders assess income, expenses and existing debts differently, so the amount you can borrow varies a fair bit depending on who you ask. Some are generous on overtime or rental income, some are strict. Some will lend on a property type that others won’t touch at all.
We run your numbers across the panel and come back with the two or three that genuinely work for your situation. You’ll get the rate, the fees, what features come with it, and how long that lender is currently taking to approve, because in a contract situation turnaround matters as much as the rate does.
Usually a day or two. What we need from you: payslips, ID, and a rough picture of your spending.
Getting it approved.
Once you’ve picked one, we put the application together and submit it. We handle the valuation, the lender’s questions, and whatever the assessor comes back asking for. If something in your file needs explaining, we explain it up front rather than waiting for them to find it, which is usually the difference between a clean approval and three rounds of back and forth.
You’ll hear from us as things move. You shouldn’t have to ring up and ask where it’s at.
Timeframes depend on the lender and how busy they are. We’ll tell you what to expect before we submit.
Settlement.
We work alongside your conveyancer or solicitor through to settlement and make sure the loan is set up the way we actually discussed it, with the offset attached, the splits right, and the repayment date somewhere sensible relative to when you get paid.
Getting the structure right at this point matters more than people expect. It’s the difference between being able to pull equity out easily in three years and having to refinance the whole thing to do it.
After.
We review the loan each year. Lenders price new business more sharply than existing business, so the rate you signed up to has a habit of drifting away from what the same lender is offering someone walking in the door today. Often a phone call fixes it. When it doesn’t, we’ll tell you honestly whether moving is worth the cost of moving.
If you buy again, renovate, or want to look at using equity, you’re not starting from scratch with a stranger. We already have your file.
Start with a conversation.
Five questions, rough numbers are fine, and nothing happens to your credit file. We’ll come back to you with what we think will work.