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Our Finance Approval Process

If the thought of financing your first home hurts your brain, you’re not aloneThe financial aspect of home building can get quite complicated at times and add on extra stress if you’re not given the right information. That’s why we have mortgage brokers! A broker will help you determine what sort of home loan you can afford, what amount will be required for a deposit and your monthly mortgage payments. Your mortgage broker can also help you apply for home loan pre-approval which will allow you to make offers on properties or build a home that you know is within your budget. At Domaine, we have our own in-house finance experts who have already helped 1,000s of first home buyers build their new home, and continue to do this every day! Here is the steps we take to get you into your new home.

Step 1: Gathering paperwork

Your broker will provide a detailed list of required documents, which may include payslips, information on your spending habits, and estimates of your life costs. To ensure a smooth and swift approval process, it's crucial to thoroughly review your application.

Here's what you need to do:

  • Check for Completeness: Double-check that all required paperwork is included. Ensure that your personal information is accurate and up-to-date.
  • Review Income and Expenses: Make sure your income and expense details are current and accurately represented. This helps the lender understand your financial situation better.
  • Submit Requested Documents: Supply any additional documents requested by your broker promptly. This could include bank statements, tax returns, or proof of assets.

Step 2: Research and Negotiation

Step 2 is where our finance specialists do all the hard work! They negotiate on your behalf with over 50 lenders to secure the best loan and interest rate for you. With no loyalty to any specific banks, our commitment is solely to you, ensuring we're fully dedicated to achieving the most favourable outcome.

Step 3: Choosing your bank:

Now that we've rounded up some sweet loan deals with killer interest rates, it's time to kick back and chat. Our finance experts will sit down with you to hash out the best option and rate that works best for you.

Step 4: Submit loan application:

Once you have chosen your bank, it’s time to make things official! Our team will check all the application details to ensure it aligns with bank requirements. Plus they’ll run a quick credit check just to dot the i's and cross the t's and confirm any necessary conditions on the loan, such as property insurance requirements. They may also conduct a property valuation and title search to ensure there are no unforeseen circumstances that could impact the purchase.

Step 5: Loan approval:

Upon meeting all conditions, you'll receive notice of your approval outcome from your Home Loan Specialist. While there's no fixed timeframe for approval, the entire process typically takes a few business days. The preapproval will then last 90 days with the option to extend if necessary.

Know your borrowing power in under 5 minutes!

 Complete the form below and let our team of Finance Managers help you with anything finance related, every step of the way. You have nothing to lose! Our construction loan expertise and service comes at no cost to you.