1_Guide to Conditional Loan Approval_Factsheet 1_

Step 1Guide toConditionalLoan Approval

Your guideto ConditionalLoan ApprovalWhen it comes to your new home, getting a Because Conditional Loan Approval can take up to aConditional Loan Approval will make the process week, it’s best to start the process as soon as possiblefaster, easier, and more accurate from the very after your tender appointment. This means that atbeginning. It also means you’ll know exactly how your building contract appointment, you’ll be ablemuch you’ll have to spend on your home and any to discuss the progress of your loan with one of ourupgrades or variations. Finance Managers and they can answer any questions you might have about the next steps in organising yourIn order to avoid any delays down the track, we construction finance and what we will require from you.recommend that you obtain a Conditional Loan Approvalprior to your building contract appointment. This will It’s a good idea to keep in mind that our Finance Managersalso allow us to note your lender on your Home Owners deal with construction loans every day and have accessWarranty certificate, which will save some time later on. to some great deals from a number of lenders, so they are more than happy to save you the hassle of dealingTo obtain this approval, you’ll need to fill out a full loan directly with your lender and organise all facets of yourapplication and submit it to your lender with all necessary loan for you.documentation. Before granting this approval, your lenderwill also need to verify your employment, your income,and your debts, as well as run a complete credit check.Please note that pre-approval is different to ConditionalLoan Approval as it doesn’t include the various checksmentioned above. Pre-approvals are mostly a guide only,so shouldn’t have too much reliance placed on them.Many times, customers are not granted a loan on thesame terms promised to them at the pre-approval stage.

If you haven’t completed a loan application orif you don’t have a Conditional Loan ApprovalYou will need to: If you would like one of our Finance Managers to arrange1. Make an appointment to see your bank manager or broker your construction finance2. Collect all the required paperwork You will need to:3. Complete your loan application 1. Complete a loan application 2. Collect all your required paperwork4. Send a copy of the tender to your bank or broker OR Then relax… we will take care5. Follow up the receipt of the tender with your bank or broker of the rest6. Follow up your bank or broker for a Conditional Loan Approval7. Provide a copy of the Conditional Loan Approval to one of our Finance Managers at your contract appointmentIf you have a ConditionalLoan Approval in placeYou will need to: If you would like one of our Finance Managers to1. Check that your loan amount and budget is sufficient to cover your tender price look into offering you a more competitive package they can2. Provide a copy of the Conditional Loan Approval to one of our Finance Managers OR provide alternatives at your at your building contract appointment contract appointment

NotesLet us take the hassle out of arrangingfinance for your brand-new home,contact:Greg Woolley Rebecca KuschertConstruction Finance Manager Customer Finance Consultant21 Solent Circuit Baulkham Hills NSW 2153 21 Solent Circuit Baulkham Hills NSW 2153T: (02) 8851 5416 T: (02) 8851 5310M: 0413 103 015 E: [email protected]: [email protected] 63 93Clarendon.com.au