Step 8. Preparing Your Paperwork
At this stage, U1st Realty's brokers will begin collecting all your supporting documentation and paperwork. Now is the time to prepare your paperwork and gather evidence of your employment, income, assets, liabilities and expenses.
You are also required to provide your driver's license or another form of identification, a rental ledger, recent pay slips, tax returns and bank statements.
Step 9. Speak with our Nominated Mortgage Broker
A U1st Realty preferred mortgage broker will be in touch with you to begin the bank loan process. We will share all information that has been collated through earlier stages of the process with the broker.
Step 10. Documentation Lodgment to Banking System
Once all supporting documentation is received the broker will lodge a bank application with the lender. Following this there will be a three stage banking process:
Conditional Approval - The bank will base their conditional approval on an individual assessment, taking into account personal information, income and expense detail, and assets and liabilities. The lender will conduct a full income and credit verification check.
Subject Valuation - Now the bank will look at the house and land package of your choosing and produce a property valuation report including property information, rates, size of land, physical building details on construction, condition reports on the dwelling, and information on comparative sales in the area.
Unconditional Approval - Depending on your lender's requirements, lenders mortgage insurance allows for you to borrow up to 95% of the purchase price of your new home with a lower deposit than is usually required. This can help in reducing upfront costs as the lenders mortgage insurance premium will be added into the total loan amount. Following the mortgage insurer's assessment the applicant will receive a formal approval.
Step 11. Formal Mortgage Approvals
At this stageU1st Realty preferred brokers is ready to provide formal approval on the deposit loan. We will facilitate the loan documentation being sent to purchasers and get those signed off for you. The mortgage lender will also be ready to send all loan documentation to the purchaser at this stage.
Step 12. Settlement of Land
This stage will incur a solicitor's fee of approximately $1500 due at land settlement and payable by the purchaser.
Step 13. How Much Stamp Duty do I Pay and When?
Details differ as to stamp duties in accordance to state. First home buyers are exempt from stamp duty in both New South Wales and Queensland.
For non-first home buyers in Queensland stamp duty is paid in proportion to the land. A solicitor will need to go through this with each purchaser individually.
Step 14. Construction Contract and Commencement of Building
By this stage you would have signed a land and construction contract and paid a 5% deposit on the build contract. Your builder would have lodged your building application with the appropriate council and once the land settles, the builder will be ready within a three week period to commence with the pouring of slab.
U1st Realty prides itself on their ability to project & manage the whole process from start to finish. We liaise with all parties involved to ensure the perfect home for you and your family.
Make an appointment or enquire online to start this process today!
Call: (07) 3102 4477 or 1300 8178 73 today.