Throughout your home loan process you will have contact with just one 1st Street Mortgage Brokers to ensure a personalised, consistent and thorough service.

1. The initial meeting

   This meeting will take place at a time and location of your convenience. We are happy to meet with you during or after business hours at your home or workplace, at our office or via Zoom (or similar). Your goals and requirements will be paramount and your broker will answer any questions you may have.

   Your 1st Street mortgage broker will assess your borrowing capacity, show you potentially suitable lenders and provide a repayment schedule which also shows the effect of interest rate changes. Your broker will then outline the loan process from start to finish and let you know which supporting documents are required if you choose to proceed with your application.

2. Pre approval

   If you are looking to purchase a property, your 1st Street Mortgage Broker will collect the supporting documents from you, complete all the paperwork and apply for pre-approval on your behalf from the most suitable lender. If you are refinancing, 1st Street has access to lenders property valuation platforms to speed up the loan process.

3. Formal approval

   Once you find a property to purchase, or proceed with a refinance, your 1st Street Mortgage Broker will collect any additional relevant supporting documentation from you, arrange a property valuation and request Formal Approval. The lender will evaluate your application and when satisfied they will offer Formal Approval, also known as Unconditional Approval.

4. Exchange contracts

   The process to exchange contracts is when you and the vendor both sign and exchange copies of the contract of sale. It is at this point that the contract becomes legally binding. This process is completed by your real estate agent, or legal representative.

   Upon exchanging contracts, you will be required to pay a deposit usually 10% of the purchase price. In some instances a 5 day cooling off period may be negotiated. This means that the purchaser can change their mind and decide not to go ahead with the purchase. If you decide to withdraw for whatever reason, you must inform the vendor in writing, and the deposit will be returned. However, the vendor may be entitled to retain up to 0.25% of the purchaser’s deposit. This may vary depending on the type of purchase, the contract and the state or territory you are in.

5. Loan contracts and mortgage documents

   Once Formal Approval has been granted the lender will issue loan contracts. Your 1st Street Mortgage Brokers will go through these with you and you may also like to seek independent legal advice.

6. Settlement and purchase

   Settlement usually takes place six weeks after exchange unless negotiated otherwise. On settlement day, funds will be transferred by arrangements between your lender and legal representative to the vendor of the property you have purchased and the property will be yours. Your legal representative will instruct you prior to settlement of any monies you also need to make available on settlement.

   Your 1st Street Mortgage Broker will keep in contact with your lender, legal representative and real estate agent to ensure that settlement date is met . After settlement, you will be notified by your lender of upcoming repayment arrangements and your 1st Street Mortgage Broker will remain in touch to ensure that everything proceeds as you expected