I’m Unconditionally Approved! Now What?
Woohoo! Things are getting real! 🎉
Now that your loan is officially unconditionally approved, you’re one step closer to owning your home. But before you pop the champagne and start furniture shopping, here are nine key steps to tick off to keep things running smoothly.
1. Review & Sign Your Loan Documents
Your bank has given you the tick of approval, and now it’s time for you to accept their offer by reviewing and signing your loan documents.
This is where your broker (that’s us!) comes in handy, we can help guide you through the maze of paperwork, ensuring your burning questions are answered and everything is signed correctly.
Key things to check before signing:
Interest rate & loan terms
Fees and charges
Repayment amounts & schedule
Special conditions
Pro tip: If anything doesn’t make sense, ask questions! That’s what we’re here for.
2. Set Up Your Loan Repayments
When signing your loan docs, you’ll also nominate the bank account for your loan repayments and choose your payment frequency:
Weekly
Fortnightly
Monthly
Hot tip: Paying weekly or fortnightly can help you pay off your home loan years sooner without even realising it!
3. Check Your Deposit Requirements
If your contract of sale includes a deposit payable upon unconditional approval, check with your real estate agent and solicitor on when and how to pay this. If you have any remaining deposit funds still to be paid towards your purchase after this, these funds won’t be due until settlement day.
4. Organise Utilities & Redirect Your Mail
Avoid last-minute stress by setting up the essentials before moving in:
Gas & electricity connection
Internet setup
Redirecting your mail
5. Finalize Your Deposit for Settlement
Check with your broker where the rest of your deposit funds need to be for settlement day. Arrange the transfer of these funds, to the account that you nominated when signing your loan documents, OR to your solicitors trust account at least 2-3 days before settlement.
Be sure to allow for weekends and your banks maximum daily transfer limits or delays.
6. Investors: Lock in a Property Manager
If you’re buying an investment property, now’s the time to engage a property manager to organise tenants and manage the property for you. Don’t be afraid to negotiate on listing fees and ongoing management costs to get the best deal for your bottom line.
7. Moving In? Start Packing!
If you’re on a budget, here are some hacks to save time and money:
Use towels and tea towels to wrap your glassware.
Grab free boxes from the checkout area in Bunnings or IGAs cardboard box bins.
Label your boxes clearly to make unpacking easier
8. Book Your Pre-Settlement Inspection
It’s best to arrange a pre-settlement inspection 1-2 days before settlement to ensure everything is in order. If you approve the property before it’s fully cleared, you could end up with a messy house or unexpected dump runs.
Pro tip: If the agent promises anything will be cleaned or removed before settlement, get it in writing!
9. Protect Your Financial Future
We know you’ve got a lot on your plate, BUT now is a good time to review your Life/Income/TPD and Trauma Insurance.
When taking on a mortgage, ensuring you and your family are financially protected in case of the unexpected, is a big deal. You can check your existing cover through your superannuation provider, or we can introduce you to a trusted Financial Planner who can help and compare different options for you.
You’re Almost There! 🚀
You’ve done the hard yards—now you’re one step away from owning your dream home. Keep ticking off these final steps, and before you know it, you’ll be settling in and popping the bubbly!
Need help along the way? Reach out—we’re here for you!
Your Broker,
Tara
