Most lenders follow a similar process when it comes to approving loans, so they generally need the same documentation.

To keep the process moving forward, it helps to have the documents listed below. This can help fast-track your loan application.

NOTE: This is a general checklist and you may not need some of them. We can help show you which ones are required.

Personal identification

Income details 

Additional documents that may be required depending on your situation

Additional documents for investors

Additional documents for borrowers seeking a construction loan

"Mortgage Broker"

A term many of you have heard, but what is it we do?

Brokers are primarily there to make your life easier when it comes to choosing the right home loan from a broad range of lenders. Our job is to compare all of them and find the best loan to suit you.

How and why? 

We have access to a broad range of home loans to choose from and that variety makes it easy for us to find the one that suits. Banks only sell their products, so going to one bank for a home loan is like shopping in the one street for your dream home. Crazy when you think about it that way, right?

A mortgage broker can:

Analyse your financial situation 

Find a suitable loan to suit that situation 

Manage the application process from start to finish and,

Provide ongoing service

Brokers are required by law to adhere to strict lending obligations and act in an ethical and professional manner. These obligations require a mortgage broker to make reasonable inquiries about your financial situation and assess whether the home loan product is unsuitable.

To make the process easier, you will need to be completely honest about your situation and provide documents to support your financial position. Your broker will advise you of what you need for your particular circumstance; this can include things like, identification, payslips, bank statements, etc.

Once we understand your financial situation and goals, we will get to work comparing the lenders we have access to and then will present the various loan products available. We will also provide you with product comparisons which include details like repayments, rates, fees & charges.

Finding a suitable loan 

After discussing and assessing your financial situation, we will search our large database of lenders. Our lenders and products are continually updated, so we are aware of the latest deals and rates. The software we use makes this process a lot quicker than going to each lender individually. We will then recommend a product that suits your needs.

Quick Tip: It is not uncommon that we know about some exclusive loan products which are not advertised from time to time too. 

Managing the process

Once you decide to proceed, we will help you to complete the necessary paperwork and communicate with your lender on your behalf. This process includes the completion and submission of your home loan application and the on-going communication between all parties that are involved until the loan is approved and complete. 

Growing Together

A good mortgage broker will help you from the first enquiry right through to settlement, but a great mortgage broker will continue the service after that. Great brokers will also give you a health-check from time to time.

After these checks, a mortgage broker may be able to help reduce your repayments by finding better deals, invest in a new property or consolidate debt to name a few purposes. We can also assist with your refinancing needs should your objectives or financial circumstances change. 

If you are looking for a home loan, a mortgage broker should be your first point of contact, every time! 

By now most of you have heard about the proposed changes to the Victorian First Home Owners Grant and stamp duty concessions announced by the state government. These changes are yet to be formally approved by the Victorian Parliament, although the State Revenue Office has communicated the exact details are likely to be known in June.

Please see link below for further information: 

Visit the website

At Seed we don't just provide a means to compare multiple lenders at once and find you the best deal; we pride ourselves on educating our clients to control better and manage their mortgages. 

At a time when home loan rates are at record lows, and prices of houses seem to be at record highs, we think these five tips will be extremely beneficial when paying off a mortgage and making sure you are on the best deal possible.

1. Avocados do not buy houses.

I am of course referring to the avocado-gate incident when columnist and KPMG partner Bernard Salt sparked a viral debate about the futility of home ownership amongst millennials. “I have seen young people order smashed avocado with crumbled feta on five-grain toasted bread at $22 a pop and more. I can afford to eat this for lunch because I am middle-aged and have raised my family. But, how can young people afford to eat like this? Shouldn't they be economising by eating at home? How often are they eating out? Twenty-two dollars several times a week could go towards a deposit on a house” Salt said. 

The truth is, this applies to everyone with a mortgage, and the responsibility lies with you to review your expenses and pay a little bit extra into your home loan every week if possible. Even for as little as one breakfast out per week, you can reduce your mortgage by up to 8-10 years. Not a big sacrifice when you think of the interest and time savings. 

2. Health Checks 

At Seed, we want to grow together. Regular health checks every 12-24 months on your mortgage are essential to see if you are on the best deal possible. Staying informed is key!

We do not just set and forget when it comes to our clients. When we perform these health checks, some common outcomes consist of, restructuring the loan, obtaining a lower rate, lowering fees and charges and releasing equity to name a few. 

3. Offset or redraw?

Sometimes both! The money you put into your offset account lies there available for you whenever you want to use it and for whatever your want to use it for. The balance you have sitting in this account will reduce the interest payable on your mortgage. 

Some loans do not have an offset account but do have a redraw facility whereby you put extra repayments into the home loan and have the ability to redraw the amount you are ahead to use for any purpose you deem necessary. 

Both of these features are great at saving interest over the life of your loan. After all, a mortgage is a marathon, not a sprint and wherever you can save a small amount, that small amount will add up over time. Speak to us to learn more. 

4. Lump-sum payments

It is always nice to get a bonus, the gift of money or tax refund for example. Like most of you, I am assuming, my first reaction was to spend it all on myself or others usually. 

This is no longer the case, and now I sacrifice a purchase or two for myself to pay a little bit off my mortgage every time I get some extra cash. Keep in mind the redraw option for rainy days. When it comes to paying off your home loan sooner; success is the sum of small actions performed every single day.

5. Don't be afraid of smaller lenders

Smaller "non-traditional" lenders outside the "Big 4" have some sharp rates and fantastic features!

Don't let fear keep you from shopping around and considering the benefits of these lenders. They might not have the budget of a big bank, so they are traditionally not so well known, but this can work as a tremendous benefit to clients. We have a broad range of these lenders to choose from, speak to us today and let's see if one of their products suit you.

So there they are!

This list is by no means exhaustive, but we do think the tips are beneficial to educating those interested.

We understand home loans are not a favourite topic to talk about around the BBQ with friends, but we are hoping Seed Home Loans and what we can do will be. 

If you're looking to buy a home, the short answer is, yes!

What is a pre-approval?

It's written confirmation from a lender stating you would qualify for a particular loan amount (subject to meeting some extra lender guidelines). A pre-approval is usually valid for up to 90 days which gives you confidence when searching for that ideal property.

What it's not:

• It's not a guarantee your loan will be approved.
• It does not lock in a rate or commit you to a particular loan type.
• It's not a requirement to use the same lender who pre-approved you

A pre-approval is not a necessity when deciding on a property purchase but imagine visiting an open for inspection and falling in love with your dream home only to try and apply for a home loan to get declined. Not a feeling we would wish upon anyone! 

 The truth is, we see this all the time for various reasons. 

Some of those reasons could be due to:

1.  Credit files:

   Defaults, late payments and multiple applications. You can get a copy of your credit file sent to you for free within ten days at www.mycreditfile.com.au or pay a small fee to get it within one business day. 

2. Affordability:

   Not enough income to support the level of lending required. This one is very common.

3. Employment:

   Probation periods, commission income, maternity leave could also hinder you from getting a loan approved. 

4. Available funds:

   Also known as funds to complete; these funds are used to finalise the purchase. You will need this money for things like your deposit, bank fees, government fees and solicitor costs.

What you need to do:

1. The first step to getting a pre-approval is to speak to a Seed mortgage broker - This email address is being protected from spambots. You need JavaScript enabled to view it. 0421156102 This email address is being protected from spambots. You need JavaScript enabled to view it. 0403675460. We can connect you with access to multiple lenders and find the one that suits your situation.
2. Provide us with the information we need to determine the loan amount for which you can be pre-approved. We will advise you of the documents we need as part of the application process.
3. We will take care of the process and make it as hassle-free as possible for you. Your information will be reviewed, and if you meet the lender's criteria, you will be issued with a pre-approval letter. 

With a pre-approval in hand, there are fewer chances of hiccups with the buying process. Sometimes it might also mean a vendor will accept a lower price knowing you have been pre-approved for a certain amount. 

 Once a price is agreed upon you will be in a position to move quickly because a majority of the loan process has already been completed.

If you have any questions about pre-approvals or want to get one as soon as possible please contact Cristian on 0421156102 or Maria on 0403675460 we would love the opportunity to help.