| Buying or Building a Home | Refinancing to a New Bank | |
| 1. | We will advise your Real Estate Agent, Settlement Agent, and/or Builder that your finance has been approved. | We will send you a Discharge Form to sign which informs your existing Bank that they will be paid out. It is your responsibility to send this to your Bank. Your new lender CANNOT do this for you. |
| 2. | Your Settlement Agent will prepare documents to transfer the home into your name. These will be sent to you for signing. Please make sure you sign and return promptly. | The new lender conducts a title search to obtain accurate information as to the current owner of your home, or if any special conditions show on the title. |
| 3. | The Settlement Agent documents are used by your lender to prepare loan and mortgage documents. | The title search is used by your lender to prepare loan and mortgage documents. |
| 4. | The lender will send you a loan contract showing terms terms and conditions, and mortgage documents. Please **sign and return to your lender promptly. | Your lender will send you a loan contract showing terms and conditions of the loan.**Please sign and return them promptly. |
| 5. | If applicable, The State Revenue Department will send you confirmation the First Home Owners Grant has been approved. | |
| ** Please contact us if you require any assistance in completing. If required, we can make an appointment to sign the documents together. | ||
| 6. | Once signed documents are returned to the Bank and Settlement Agent. Where applicable the First Home Owners Grant letter is also sent to the Settlement Agent to ensure the correct stamp duty is charged. | Documents are signed and returned to your lender. |
| 7. | **If purchasing an established home, building insurance needs to be arranged. The Bank must be noted on the policy as an Interested Party, or Mortgage Holder. A cover note is not acceptable, an actual policy is required. | You will need to contact your insurance company to obtain an updated copy of your policy showing your new lender as an interested party. A copy the policy is to be given to the new Bank. |
| **We are able to provide provide you with a competitive quote from Alliance Insurance. | ||
| 8. | Your Settlement Agent will contact you to advise if any money is due from you to contribute towards the purchase of the home or construction. | |
| 9. | A settlement date will be booked by the settlement agent and bank. | A settlement date will be booked by your existing bank and your new lender. |
| 10. |
Congratulations! Settlement is Effected
Interest repayments will generally commence one week / fortnight / month after settlement. Please ensure you have sufficient funds available to be deducted from your bank account. Sometimes there are teething problems in setting the accounts up correctly. Please call us as they are usually minor issues that we can assist you sort out very quickly. |
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