To begin with please keep in mind that the Australian home loan mortgage sector is highly regulated. Unlike many countries Australian lenders cannot simply lend on the strength of the asset. Consumer Protection laws mean that a lender who doesn't conduct due diligence to ensure the borrower can afford the loan risks having the loan cancelled by the courts.

Prudential regulation and the limited access to LMI (mortgage insurance) providers restricts the level of exposure for lenders both in dollar terms and LVR (loan valuation ratio) on different types of property. A prime inner city apartment may be very difficult to finance even for Australian residents without a substantial deposit.

Once your application is submitted it is initially processed and as long as the information in the application meets lender's policy a conditional approval is issued. You should never proceed on a contract based only on a conditional approval. A broken contract can mean much more than the loss of your deposit. Once you provide a contract of sale ( it doesn't have to be signed ) the lender will order a valuation and begin the process of checking all of the supporting documentation ie: everything stated in the application must be supported eg: your stated income must be verified by the provision of at least two of the following; pay slips and/or tax assessments and/or a letter from your employer and/or bank statements showing the payments. Any discrepancy will be queried and satisfactory explanations required. Once a satisfactory valuers report comes in (usually 2-3 days after being ordered)the loan is assessed and if necessary then submitted to the mortgage insurers (LMI) for final approval. Only then is the unconditional approval issued and only then is it absolutely safe to commit to a contract.

Another aspect of applying for a home loan from overseas that many people ignore is the CRA (credit report) - every application and even inquires may appear on your CRA - even credit card inquiries. When a lender sees 6 inquiries over the last 2 years, they want an explanation. If LMI is involved this can be a serious barrier. We strongly urge you to select your lender carefully and avoid multiple applications.

So for the best result we suggest that you:

1. Select a short list of the lenders available to you
2. We check your borrowing capacity against their actual back- office calculators (not the ones on their web site).
3. Make sure you have all of your supporting documentation is ready (exactly what they ask for)
4. We then submit the home loan application

Of course there is a lot that can go wrong and some lenders are adept in misinterpreting verbal or even written instructions, That is where we really come into play.

• we stay in contact with the credit assessors to ensure they understand your needs,
• then we monitor the progress and intervene when necessary in order to correct an obstacle before it becomes a barrier,
• we keep you informed through the entire process,

... and for all that you pay us nothing!

Why not phone 61 2 6626 6810 or email: -- Email encoded to avoid spammers Javascript required to view otherwise please us form --