Property Finance

Property Finance

Robertson Wouters Finance are specialists in property finance with access to the best deals on property finance from their panel of over 25 lenders, including all the major banks.

We dedicate ourselves to finding you the best deals on property finance, and one that meets your specific needs and circumstances.

Whether it is for owner occupation or investment we have you covered with a wide variety of market leading products to choose from.

Your Property Finance Needs

  • Purchasing a Property
  • Purchasing your First Home
  • Purchasing an Investment Property
  • Purchasing Vacant Land
  • Looking at Constructing a Property
  • Looking at Developing
  • Looking to Refinance for a better deal
  • Looking at Reducing your Interest
  • Looking at Paying off your loan sooner

Whatever your property finance needs are you can be sure Robertson Wouters Finance can satisfy them.

The Loan Process

Follow a detail description of the loan process below.

Information Collection

Once clients are ready to proceed with an application, the financier requires copies of certain information to enable an assessment of a property finance application. Generally this information includes:

  • 100 Points of Identification – Drivers Licence and Passport / Birth Certificate
  • Income Verification
  • Self Employed – Last 2 years personal taxation returns and business financial statements
  • Wage or PAYG – Most recent payslip showing year to date figures and latest group certificate or letter from employer confirming income.
  • Employment and residential details, status and history
  • Rates notice for each property
  • Purchase contracts if applicable
  • Last six months loan statements for any debt being refinanced
  • Last six months savings history for first home buyers showing at least 5% genuine savings
  • Statement of all current assets and liabilities

Application

Once all information has been gathered and both the clients and Robertson Wouters Finance have agreed on the best product for the specific needs and circumstances of the clients, an application can be completed with the specific financier. These application forms are then signed along with the associated privacy and compliance forms.

Lodgment

Once an application form has been fully completed and signed it is lodged with all the supporting documentation to the chosen financier. This process is done either electronically or via facsimile.

Assessment

Once an application has been received by the financier it is placed in the queue for assessment. Some financiers with electronic lodgment capabilities provide assessment decisions almost instantly once the application has been received. Alternatively an application is allocated to an assessor where they assess the application against their financier’s policy. Generally speaking an assessor will:

  • Perform a credit check CRAA on all clients and guarantors for any credit history, blemishes or defaults
  • Overview the application including employment and residential status and history
  • Perform a serviceability equation to ensure clients can meet all current and future repayments and commitments.
  • Ensure security for the loan is acceptable to the banks policy.

Conditional Approval

Once the assessor is satisfied that the application meets all the policies and requirements of the financier and the borrowers have the integrity and capacity to repay the debt as and when due, they will issue a conditional approval. This conditional approval is normally subject to a valuation of the property being used as security for the loan. If the assessor is not satisfied with the application, they will defer their decision it pending additional information or decline it.

Valuation

Upon receiving a conditional approval, the bank or Robertson Wouters Finance will then order the valuation of the security property. This will be either a Kerbside Valuation where the valuer is given comprehensive details of the property and makes an estimation of the value from the street without entering the property, based on the past sales of similar properties in the area and the property details itself. A full valuation will be ordered in some cases – this is where the valuer will make an appointment to inspect the property inside and out, and then makes an estimation of the value based on the inspection and past sales of similar properties in the area.

Unconditional Approval

Once the valuer has completed a copy of the valuation report is sent to the financier, the assessor will check to ensure the property and its value are acceptable to the policy. They will also ensure that the LVR or loan to value ratio is acceptable and whether LMI (Lenders Mortgage Insurance) is required. LMI is insurance payable to a lender when taking out a mortgage. It is an insurance in the case that the mortgagee is not able to repay the loan, and the lender is not able to recover its costs after foreclosing the loan and selling the mortgaged property. Generally LMI is required when you lend more than 80% of the value of the property.

Assuming the valuation and LVR is acceptable to the bank; they will issue an unconditional approval which means that the loan is fully approved and congratulations/celebrations are in order!

Documentation

Once a loan has been unconditionally approved, it is sent to documentation where letters of offer and mortgage/security documents are prepared. Letters of offer are basically the finance contracts or agreements between the financier and the borrower. Mortgage/security documents are generally mortgages of land over the property or properties being used as security and any guarantees that are necessary.

Sign up

Once documentation has been prepared it will be sent generally to borrower’s home address. Once these are received it is imperative that borrowers read through the documentation to ensure there are no mistakes and they are happy with the loan terms and conditions. Any questions can be directed to Robertson Wouters Finance. When borrowers are satisfied with the Letters of offer and mortgage documents they can sign them either in front of their Robertson Wouters Finance consultant or at the bank or financier.

Settlement

Once documentation has been signed correctly and returned to the financier, the financier will be in a position to book a settlement. There are different settlements which take place but generally we deal in purchase and refinances settlements.

Purchase settlements take place when you are purchasing a property. At settlement date, the purchaser’s bank meets with the vendor’s bank at a specified time. The purchaser’s bank hands over bank cheques in exchange for the title to the property being purchased along with a discharge of mortgage, transfer of land and other documents. In a refinance settlement there is just an exchange of a bank cheque for a title and discharge of mortgage.

This is the last phase of the loan process, everything is completed and more congratulations /celebrations are in order!

Thank you

Your finance transaction is now complete, and we wish to thank you for your business and look forward to assisting you with all of your future finance needs. We also encourage you to pass on our details to your friends and family as we would love to assist them in finding the best deals for their property, business and vehicle finance.