Familiarise and inform yourself with the product types available and how they meet your requirements.

Assemble all the necessary documents ASAP to ensure your loan application can be approved quickly. Your lender needs time to assess your documents and conduct credit checks to ensure your suitability.

If you are not upfront about your existing financial commitments you will only make it harder for yourself and increase the likelihood of long term heartache.

A reputable lender can explain the benefits and features of diverse loan types – allowing you to compare products to meet your requirements.

Ensure you are savvy with the fees that apply for the life of the loan. Consider the lender’s comparison rate – an independent calculation that recognises all applicable fees and charges, enabling the comparison of similar products.

6) Pre-approval and the purchase

Once you’ve obtained loan pre-approval, you must:

Obtain a copy of the vendor’s contract of sale.
Have legal reviewing of the contract.
Organise a comprehensive building and property inspection.
Submit an offer to purchase the property.
Organise a property valuation and formal approval of your loan.
Pay the deposit (normally five to 10 per cent of purchase price) and exchange contracts.
Finalise mortgage documentation with your solicitor.
Establish building and contents insurance.
Upon settlement, get your keys and take possession of your new house.