The home loan process with Astute Camp Hill runs in stages. We start with a conversation about your goals and borrowing position, then compare loans and organise pre-approval. Once you sign a contract, we manage formal approval through to settlement. Most clients start talking to us around three months before they plan to buy.
Buying a home in Brisbane involves more paperwork than most people expect, and a fair bit of waiting. Much of the stress comes from not knowing what happens next. We follow the same home loan process for every buyer at our Camp Hill office, so you always know what we need from you and when.
What does the home loan process look like with Astute?
Our process has seven stages, from a first conversation through to the day you get the keys. You deal with the same small team the whole way, and we handle the back and forth with the lender for you.
As a home loan broker in Camp Hill, we compare loans across a panel of lenders, so you see options from more than one bank. Our principal broker, George Pain, worked at one of Australia’s major banks before moving into broking, so he knows how lenders assess an application from the inside.
Clients pay no fee for our broking service. Mortgage brokers in Australia must also act in their clients’ best interests under the National Consumer Credit Protection Act, and the industry is regulated by ASIC.
How to get a home loan in Brisbane: our seven steps
Knowing how to get a home loan starts with knowing the order things happen in.
- First conversation
- Borrowing assessment
- Loan comparison
- Pre-approval
- Contract and formal approval
- Loan documents
- Settlement
Step 1: First conversation
We talk about the property you want, your deposit and your plans for the next few years. We also ask about debts, credit cards and anything that could change your income, such as a career break. Being upfront here lets us spot issues months before they reach a lender.
Step 2: Borrowing assessment
We work out a realistic borrowing range using your actual living expenses. Lenders test your repayments at a 3% higher rate than the one you will pay, so your borrowing capacity can differ from what online calculators show.
Step 3: Loan comparison
We shortlist loans from our lender panel and show you what each one costs in fees and repayments. The rate matters, though we also weigh fees and features against how you plan to use the loan, and check each lender’s policy for your type of income.
Step 4: Pre-approval
Pre-approval is a lender’s conditional agreement to lend you up to a set amount, subject to a valuation and final checks. It shows the real estate agent you are a serious buyer. Pre-approvals are valid for 3 months and can be extended for another 3 months with updated income documents, so timing matters.
Step 5: Contract and formal approval
Most Queensland residential contracts include a 7 or 14 day finance date, which is the deadline for your loan to be formally approved. The lender orders a valuation, and if it comes in below the purchase price you may need a larger deposit. Read our guide to how property valuations work before you make an offer, so a low figure doesn’t catch you off guard.
Step 6: Loan documents
Once formal approval is issued, the lender sends your loan contract and mortgage documents to sign. We check the loan amount and rate match what was agreed before you sign anything.
Step 7: Settlement
On settlement day, the lender pays the seller on your behalf and the property transfers into your name. Your conveyancer confirms when it is done, and you collect the keys from the agent.
What happens during the home loan application process?
During the home loan application process, the lender verifies your income, expenses, debts and deposit, then checks your credit history. Our job is to give the lender a complete, well-organised file the first time, which is one of the main factors in how quickly it moves.
The documents you need depend on how you earn your income.
| Document | PAYG employee | Self-employed |
| Proof of income | Recent payslips | Company Financials, Company Tax Returns, Personal Tax returns and latest year Notice of Assessment for the last 2 years |
| Savings | Bank statements showing your deposit | Bank statements showing your deposit |
| Liabilities | Home Loan, credit card, car loan and HECS statements | Same, plus any business debts |
| Identification | Driver’s licence and Passport/Medicare Card | Driver’s licence and Passport/Medicare Card |
Self-employed borrowers often need more paperwork and a lender with the right policy. We specialise in lending for business owners, so this is an area where our team spends a lot of time.
How long does the home loan process take?
From first conversation to settlement, the home loan process often takes 3 – 6 months, and a lot depends on how quickly you find a property. Bank approval timeframes for assessment can range from just 1 business day for straightforward applications during slow periods to up to 4 weeks for complex applications during busy periods.
The busiest stretch is between signing a contract and your finance date. The valuation, formal approval and any extra lender questions all happen in that window. Queensland settlements are commonly set around 30 days after contract, and your conveyancer will confirm the date.
What do lenders check before approving a home loan?
Lenders check that you can comfortably afford the repayments and that your deposit is genuine. They also assess the property as security, and look through your credit history for missed payments.
On the expense side, lenders compare what you tell them with your bank statements. Subscriptions, buy now pay later accounts and regular transfers all get noticed. On the deposit side, borrowing more than 80% of the property value usually means paying lenders mortgage insurance. Some first home buyers can purchase with a smaller deposit through the Australian Government’s Home Guarantee Scheme or Help to Buy scheme for up to $1,000,000 properties subject to eligibility in Queensland.
Our home loan mortgage broker service includes a check of all of this before anything goes to a lender, so any surprises come up early in our office, where they are easier to fix.
Common mistakes that slow down a home loan
Taking on new debt is the big one. A new car loan or credit card between pre-approval and settlement changes your borrowing position and can put your approval at risk. Changing jobs during the process can cause the same problem.
The other common issue is missing the finance date. If you need more time, your conveyancer can ask the seller for an extension, but that needs to happen before the deadline passes.
Key takeaways
- Our process at Astute Camp Hill runs in seven stages, from a first conversation to settlement.
- Start talking to a broker around three months before you plan to buy, so issues can be fixed early.
- Pre-approval is conditional. Formal approval comes after you sign a contract and the lender values the property.
- Avoid new debt or a job change between pre-approval and settlement.
Frequently asked questions
Is pre-approval a guarantee I will get the loan?
No. Pre-approval is conditional, and the lender still needs to value the property and confirm your details before issuing formal approval. A change in your income or debts during that time can affect the outcome.
Do I pay Astute to arrange my home loan?
No. Clients pay no fee for our residential broking service. You will receive our credit guide at the start, which explains how we work with you.
How much deposit do I need to buy in Brisbane?
Many lenders prefer a deposit of 20% of the purchase price to avoid lenders’ mortgage insurance. Some buyers can purchase with less through government schemes or by paying LMI. We can work out what applies to you.
Can I get a home loan if I am self-employed?
Yes. Self-employed borrowers usually provide tax returns and business financials to show their income, and lender policies vary more for this group. Picking a lender whose policy suits your income early on saves time and lowers the chance of a declined application.
What happens if the valuation comes in low?
The lender bases its lending on the valuation, so a low figure means you may need a larger deposit to keep the same loan amount. We can look at other lenders, or discuss options with you before your finance date.
If you are planning to buy in the next few months, the team at Astute Financial Camp Hill is happy to sit down with you and map out your next steps.
This communication contains general information only and in no way constitutes the provision of professional advice, nor should it be relied on as a substitute for financial, credit, accounting, legal or other professional advice. We have not taken into account your financial situation, investment objectives or particular needs. Before making an investment or financial decision, a person must seek appropriate independent professional advice and also consider whether this information is appropriate to their needs, objectives and circumstances. The author as well as their representatives, agents and employees give no guarantees and make no representations, express or implied, as to the accuracy, currency, completeness or suitability of the information contained in this document. Nor do they accept any liability whatsoever as a result of any information herein being incorrect, incomplete or unsuitable or as a result of a person in any way using or relying on the information herein.
