Navigating Mortgage Bond Finance:
The journey to acquiring your property begins with pre-qualification. This crucial step determines your affordability based on your income, expenditure, and credit record, setting the foundation for your property search.
Upon finding your desired property, our dedicated Property Practitioner will draft an Offer to Purchase (OTP). This document captures all terms of agreement and must garner signatures from both you and the seller to proceed.
Next, we navigate the mortgage bond application process. We recommend utilising a Bond Originator for this process. These professionals shop around at various banks to secure the best home loan deal on your behalf, effectively saving you time and potentially money too. Importantly, their services come at no cost to you, as their fees are covered by the banks. The bond originator will submit your application to multiple banks, including your own, subsequently negotiating the home loan’s terms and conditions.
Following this, your application is evaluated by the banks. This stage involves a tailored assessment of your credit risk and financial credibility, in addition to a potential property valuation.
If your application proves successful at this stage, you’ll receive an ‘Approval in Principle’ document from the concerned bank.
In some cases, the bank may demand a formal valuation of the property.
Once all evaluations are completed satisfactorily, the bank may then grant the loan, issuing a ‘Letter of Acceptance’ that spells out the home loan’s terms and conditions.
Following this, your Property Practitioner will issue an instruction to a Conveyancer, initiating the official transfer of the property into your name at the Deeds Office.
Simultaneously, the bank’s lawyer is instructed to register the Mortgage bond at the Deeds Office, marking the critical final steps of your property acquisition journey.