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I have made several inquiries about Home Loan and only Steve took so much time and effort to assist me. Being a first home buyer, there where so many things that didn't quite understand and Steve patiently explained even the smallest details. The customer service given was beyond expectation and didn't end on the contract signing. Everyone in Loan Choice is outstanding! Debra, Nicole, Elise and Steve you really helped make my dreams come true.
Olga Angeles

Finding a loan
You do not need to have a pre approval to start looking for a home but it is highly advisable that you find out how much you can borrow before shopping for a home. There are thousands of types of loans, they all have different features and benefits so talk to your Loan Choice Consultant to get the full picture of what is most suitable for you.

First Home Buyers
First home buyers may be eligible for stamp duty concessions and a one off $7000 payment from the goverment. Check with your Loan Choice Consultant for details of these benefits as they vary from state to state.

Locating a Home
The most common way to purchase a home is through a Real Estate Agent. When you have located a suitable property you can make an offer. Once your offer has been accepted you should contact a solicitor or converyancer to act on your behalf and then put down a 0.25% deposit and enter a cooling off period, which is usually for five to ten business days. The cooling off period allows the purchaser time to have a pest & building inspections completed (there may be other search required if the property has been amended or if it is under strata.) The financial institution that you have applied for you mortgage with my require a valuation also.

Exchanging Contracts
If all the inspections are satisfactory and your solicitor or converyancer is happy with the contract and you have received unconditional loan approval you can exchange contracts and pay the reminder of the 10% deposit.
This is when you should consider obtaining building insurance over the property or ensure the vendor has current building insurance.
For the next few weeks the process will be finalised by the vendor's and purchaser's solicitors or conveyancer.

Settlement day is when the balance of the purchase price is paid to the vendor who will in turn clear any debt over the property and pay any outstanding land or water rates etc.. This is the day that you officialy become the owner. Congratualtions!