HOME LOANS

Buying a property should be an exciting time.

There are so many loans and lenders that the idea of narrowing it down to one is pretty daunting. Even then, how do you even know you’ve chosen one that’s right for you? That’s where we come in.

We’re here to help.

Because we work for you, our efforts are dedicated towards finding the right loan for you.

We do the hard work.

We consider a range of options for you. Using our understanding and knowledge of the current market, we look at different loans and quickly narrow it down to the ones that suit your specific needs. 

We don’t stop at just finding the finance.

Our role is about more than just your interest rate. Every deal we work on will have other priorities like needing to be approved or settle on a certain date. Making sure your deal settles when it needs to is critical to every recommendation we make – Front Row has built our reputation on making sure our clients loans settle when they are supposed to. We’ll prepare your applications forms, and project manage your deal from application to settlement, keeping you and your advisors up to date every step of the way.

 

High-level process/steps

We’ve simplified the process for you.

STEP ONE

Step One – Fact Find + Credit Guide

For us to start working through the options available for you, we need to you complete out our online Fact Find. This ensures we understand your current financial position so that the advice we provide is tailored to your situation. When completing the Fact Find initially, while we need you to be as thorough as possible, it doesn’t have to be perfect so if you are unsure of what to fill in, just leave it blank and we’ll help you to work through anything that is missing – From the very start we’re here to make this process as stress free as we can. After receiving your Fact Find, we’ll be issuing you with our Credit Guide to sign electronically. This document gives you the essential information you need to understand when working with a Mortgage Broker and includes our Privacy Consent. Once we have this completed from you, this gives us your permission to buy a copy of you Comprehensive Credit Report for review before we start work. We can provide you with a copy of this report through our secure document collection portal if you want to have a copy for your records.

STEP TWO

Step Two – Initial Assessment

Once we have your completed Fact Find + Credit Guide, we’ll asses the options available. At this stage, we are focused on understanding your strategy and finding the suitable loan structure. Everything during initial assessment is about your Broker making sure there are no obvious issues you need to be aware of and helping you to understand how lenders are going to view your financial position and how a potential deal can be structured. This might be looking at specific options to consolidate loans for a refinance or looking at the difference between a gift or family guarantee for a first home buyer. The two main things your Broker will confirm at this end of this stage of assessment is (1) are your you confident with the amount of savings you have left over the day after settlement based on the assessment we have completed and (2) are you confident with the proposed repayments. When the answer to both of those is yes, then we’re ready to progress.

STEP THREE

Step Three – Formal Assessment

Once you’re comfortable with the proposed strategy and structure, our advice will shift to recommending a lender and loan product. Every lender will have different requirements to secure an approval. Based on your Fact Find, your Broker will request the specific supporting documents we require through our secure document collection portal, FinanceVault. Before we can make a recommendation, we need to make sure we are confident that we can secure an approval so assessment of all supporting documents is critical at this stage to avoid disappointment later on. After your Broker has completed their assessment, they will show you a short list of at least three lenders / loan products that were considered and then make their recommendation of the lender and loan product best suited for you in a Credit Proposal Document. During this stage, it’s critical that we make sure any additional questions are answered and that figures using during assessment are represented correctly – Once we’ve locked down your lender / loan product, then we are preparing your loan application to submit for approval.

Video Advice Delivery
We’ve tailored our service to avoid unnecessary time wasted during the loan application process. We understand that when you need to borrow, it needs to happen as quickly and simply as possible. At Initial and Formal Assessment, your broker will send you a video to watch explaining your personalised strategy and recommendation. We want to you be able to watch (and re-watch) so you can be comfortable when you are ready to progress.
While you are watching the video, please write down any questions you have and either email them through or call to discuss – We have all the time you need to discuss any questions. Where you would like to see a variation to a scenario in the video, it’s simple for us to make an adjustment and send the updated summary for you to review. Of course we’re always here if you want to meet in person at our office or a video call, but we can also get your deal done without needing to schedule a formal appointment if that makes the process simpler for you.
Identification Process
Prior to Initial Assessment, we need to have completed your identification process. We use a remote identification platform called ID You (https://www.idyouapp.com.au/). Once we receive your completed Fact Find, you will be sent a separate link by text message asking you to upload identification into this portal. Once we have received everything through the portal, your Broker will arrange a time to complete a video call using ID to complete the identification process so we can get to work.
Working with your Advisors
Where you have existing Accountants, Financial Planners and Lawyers assisting, we can work with them directly to reduce the admin burden through the application process. Ideally, we’ll get you to make an introduction as early as possible and provide authority to share information so we can reduce the admin burden on you during the application process. Where we are requesting information, we’ll invite your existing advisors to upload information to our secure document collection portal – You’ll be able to view / access everything as it’s uploaded.
Bank Statements
When we get to Formal Assessment for your deal, we are required to assess your living expenses as part of our compliance requirements. Your Broker will request these through our document collection portal, FinanceVault.
When we are submitting your loan application lenders will have varying requirements from not requiring any Bank Statements to supplying 90 days history of every account you hold. To make the document request as efficient as possible so we hold enough information to accurately supply the bank with your living expense information and hold the required documents to meet all lenders submission requirements, we use Illion’s Bank Statement retrieval tool.
This will provide us with your most recent formal statements and also, a categorised expense report – Having access to this ensures we are thorough in our assessment and leads to much faster decisions. Below is a link to review how this works and a summary of the security that Illion have in place when you are using this tool. If you have any questions about this, please contact us and we’ll work to make sure we are collecting the required bank statements as securely and efficiently as possible.
To find out more about the Bank Statement download process, follow this link: https://bankstatements.com.au/

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If you’re looking for a home loan, Front Row Financial Management is here to help.