Home Loan In Melbourne

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Are you a little nervous
about applying for
a home loan?
Relax.
It’s quite simple once you know what to
expect. That’s why we’ve prepared this
easy guide; it tells you everything you
need to know so you’ll feel comfortable
every step of the way.
Also, see our guide to buying a home at
bankofmelbourne.com.au/buyingahome
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We’ll do everything we can to keep you informed regarding the progress of your loan application. We’ll
ask you whether you prefer to be contacted via email or SMS and, in some circumstances, your Lender
may contact you directly. If you’re registered for Bank of Melbourne Internet Banking you can even
check your application online.
To ensure everything runs smoothly and you choose the right loan for your needs and lifestyle, simply
follow these ten easy steps.
Step 1. Talk to us.
The first thing you need to do is go to your local Bank of Melbourne branch or call 13 22 66 and ask for
a Bank of Melbourne Lender to get in touch with you. Within one working day, a Lender will contact
...
... you by phone and, depending on your situation, arrange a time to meet with you.
At this first meeting, your Lender will talk you through your options, identify the best home loan for
you and provide a quote. You’ll need to take several documents – see the checklist in this brochure for
more details.
My Lender’s name is:
My appointment time:
Address:
Lender’s contact number:
We want you
to feel at home
with your loan.
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Step 2. Preparing for your meeting with your Lender.
Being well prepared for your first meeting can get your loan application approved sooner. So, if you
need the money urgently, bring as much supporting documentation to the meeting as possible, as this
will help the Lender to process your application quickly. See the checklist in this brochure for a list of the
documents you need to bring to the meeting.
Step 3. What happens at your first meeting.
Your Lender will discuss your home loan needs with you. For example, are you buying your first home?
Or are you wanting to buy an investment property? Or are you borrowing to pay for renovations or to
build a new home? You’ll also be asked specific questions about your income, financial commitments instant loan provider melbourne
and what type of loan you prefer. So long as everything is in order, you’ll be given a Conditional
Approval Letter based on the information you’ve provided. A Conditional Approval is your guide to how
much you can borrow from Bank of Melbourne; it doesn’t mean you’re ready to make a formal offer or
buy at auction. To buy a property, you need formal approval, which is issued once your application has cheapest loan provider melbourne
been checked and processed.
Step 4. Formal approval.
Provided you have given us all the required information and documents, within 6 working days of your
meeting with your Lender, we’ll give you a yes or no answer to your application. If your loan is formally
approved, your Lender will arrange a time for you to come in and sign a Loan Offer Agreement. If you
can’t attend, we can make alternative arrangements, such as sending the document by mail.
Step 5. Signing the Loan Offer.
When you come in to collect the Loan Offer Agreement, you’ll be taken through the loan details,
such as rates, fees, repayments and other details of the loan. You’ll also be given a booklet on fees
and charges. Make sure you carefully read your Loan Offer Agreement (made up of the Loan Offer
and the Residential or Portfolio Loan Agreement General Terms and Conditions). home loan in melbourne
At this stage, there are a number of things you should discuss or check with your Lender:
• Where to send your mortgage documents – to you, or your legal representative, or a third party.
If you don’t specify, we’ll automatically send the documents to your legal representative.
• Are your personal details correct?
• Are all the loan details correct as discussed with your Lender?
• Have the fees and charges been explained to you?
• Have you been given your booklet on fees and charges?
• Do you have a take-home copy of your Loan Offer Agreement?