How Low Deposit Homes guides you through the home buying process from pre-approval to settlement
Low Deposit Homes explains the step-by-step process of going from pre-approval to settlement, ensuring a smooth and secure home buying experience.
Full transcript
One of my clients asked me, what's the total process from pre-approval to settlement? First of all, we get your pre-approval direct from the bank, which is our finance team that we use.
After that, we'd go secure your land, we'd go choose your build and you'd sign two contracts. Those two contracts then go back to the bank. Then the bank would actually go; they would send someone out there to make sure that the prices you're paying for the land in the house meets the market expectation.
Now we are then forced to wait for that title to register. Now what that means essentially is that every little piece of land around Australia has got a number. Developers go out, cut it into little sections and those little blocks – and the ones that we buy have to have their own number before you can become the owner.
The bank would then do the valuation and Bonnie; they'd formally lodge the loan and at that point you'd get an unconditional approval. You therefore get your bankers telling you that, yep, we're happy with that security price, we will now give you the money for that purchase.
We then go to a day called settlement and you become the owner of your land. And that's pretty much the whole process from pre-approval to settlement.