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The Finance Journey

At Inovayt, we aim to help you to find the best option for every stage of your first home purchase, from deposit options to finding the home loan that will best suit your needs as well as determining how much you can borrow.

The finance journey

There are several steps to go through when you purchase your first home. We’ve outlined the various stages within the finance journey below so you can understand what’s expected and feel prepared throughout the process.

If you’re thinking about purchasing your first home, it’s important to speak with a finance professional as soon as possible.

Getting approved for your first loan is not as simple as it used to be. Banks now look beyond your income and deposit. They want to analyse your bank account statements to confirm details such as living expenses, account conduct, liabilities and spending habits.

Download our free guide to becoming home loan healthy.

Often the bank may approve you for more than you are comfortable with. Your finance professional will sit down with you to analyse the budget you created as a part of the Home Loan Healthy process to work out what you can afford.

We will then ‘stress test’ your budget to factor in potential interest rate rises which may occur over the 30-year loan term.

Once our finance professional has worked out the figures, we can determine what price you can purchase a property for and what kind of deposit is required, including savings, First Home Buyer Government incentives, gift and parental guarantee.

Download our free budget planner.

When preparing your home loan application, our finance professional will need to collect supporting documents to verify your financial circumstances which may include documents such as payslips, ID, bank statements and tax returns.

We’ve invested in technology to ease the collection of these documents to minimise the time and stress involved in this process.

Your financial professional will sit down with you to collect your requirements and objectives for a home loan. This is critical information that will assist us in recommending a product that suits your best interests.

Your loan application will be prepared by your dedicated Client Service Manager for signing to submit your loan application to the chosen lender.

Once submitted, the lender will typically take 3-5 business days to assess your loan application.

Provided the lender is happy with your loan application, they will issue you with a ‘Pre-Approval.’ This means you have essentially ticked 6 out of the 8 required boxes which include your income, savings, credit history, living expenses, account conduct with only satisfactory security (property) and valuation of the security outstanding to obtain full loan approval.

Note: The lender will need to reassess your income, savings, credit history, living expenses and account conduct once you have secured a property.

It’s time to go shopping! Here’s where the fun begins, scrolling through real estate websites day and night, attending inspection after inspection until you find ‘the one!’

Your finance professional will explain in detail the various purchasing options, including buying privately with a subject to finance clause, buying at an auction, buying unconditionally, settlement terms and deposit options.

After you have secured your dream home, the lender will need to value the property to ensure it’s worth what you’re paying for it.

It’s now time to satisfy those last two boxes. Once we send in the signed contract of sale along with the completed valuation, the lender should proceed to unconditional approval.

Note: The lender will need to reassess your income, savings, credit history, living expenses and account conduct once you have secured a property.

It’s official! The lender will issue you with your mortgage contracts which include a letter of offer. Your finance professional will sign these with you to answer any questions you may have.

Dot the i’s and cross the t’s! Your lender will confirm the mortgage contracts have been signed correctly, that you have taken out insurance on the property, a repayment account has been set up and that the settlement has all been booked in.

The day has finally arrived, you get your keys! The time of day your settlement has been booked in will depend on when you can get your keys.

Note: There is nothing you need to do for settlement, your legal representative will complete this on your behalf.

Your dream has become a reality! It’s time to celebrate and enjoy all of your hard work and the sacrifices and dedication that has got you to this point.

One of our financial professionals will ensure you have your internet banking set up, that you know your first repayment date and how to access your repayment account. They’ll also provide you with some tips to pay off your loan sooner.

We make it simple

We understand it can be difficult to apply for finance for your first home but it doesn’t have to be. Our experienced team can help you to apply for a loan that suits your individual needs.

We adjust to your schedule

We understand that everyone has different needs, schedules and availability. We’re happy to meet face to face, over the phone or online at a time that suits you.

We provide financial solutions

Let us help make your home ownership dreams a reality. Our end-to-end financial solutions can support you throughout any stage of your life journey.

Let us help you secure your first home.