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A REIF guide to the mortgage application process

Updated: May 19, 2022

See how the home loan process works with our step-by-step guide to acquiring a mortgage.

If you haven’t yet experienced the process of applying for a mortgage – this article is for you!

The home loan process can be complicated. Especially if you’re doing a mortgage application all on your own.

When you seek the assistance of a qualified mortgage broker/ finance specialist they can help to eliminate the confusion and stress of the process.


Well, let’s use the example of a REIF Finance Specialist. When you seek the assistance of one of our finance experts to help you apply for a mortgage, they’ll:

  • Take a holistic approach in assessing your entire financial situation;

  • Determine your borrowing capacity;

  • Analyse your individual needs and consult our panel of over 40 lenders to source the most suitable home loan product for you;

  • Prepare your paperwork;

  • Submit your application, on your behalf;

  • Negotiate with other stakeholders (solicitors, accountants, etc); and

  • Give you peace of mind throughout the mortgage application process.

You’re probably wondering what the home loan process looks like. Follow our guide below to see the steps involved.

Start by consulting a finance specialist

Save yourself the hassle and consult a finance specialist. Most brokers work for you, free of charge (they get paid by the lender). As they’re working with thousands of loan products, daily, they’re up to date with everything finance and compliance.

Sit with your finance specialist to discuss your situation

Your broker will need to sit with you to understand your goals and objectives around buying a house. To do so, they’ll assess your current financial situation and determine how much you can borrow to buy a home. Additionally, they’ll evaluate whether you’ll be able to meet repayment requirements.

Apply for a conditional approval (mortgage pre-approval)

This step is ideal for people who still haven’t found that right property. After your finance specialist works with you to understand your situation, they’ll help you apply for a conditional approval.

A conditional approval, often referred to as a mortgage pre-approval, is a lenders estimate of what you can afford to borrow. Depending on what bank has given you a pre-approval it may only be valid for between three to six months.

If your circumstances change (i.e., change of income or job) during this time, you’ll need to raise this with your broker so they can inform the lender. That’s because it could change your borrowing circumstances.

Finding and buying a house

During the mortgage application process, your broker will help you apply for the most suitable home loan
During the mortgage application process, your broker will help you apply for the most suitable home loan

If you’ve found the house that you wish to buy, you’ll need to engage your broker. They’ll then help you apply for home loan. During the mortgage application process, your broker will inform you of the relevant documentation you’ll need to gather to assist in the process.

Then it’s important to engage a solicitor to help you with legal contracts. Here at REIF, we work with a trusted team of solicitors to support in the mortgage application process.

If your broker is satisfied with all the documentation you’ve provided, they’ll draft up an application for you to read and sign. Documentation gets submitted to the lender for unconditional approval. During this stage, the lender will fully assess your ability to repay the home, valuate the property, and determine if they’re happy to lend you the money.

Unconditional approval

If you’ve reached this stage when buying a house, it means that the bank is willing to accept your application. At unconditional approval the bank will provide you with a letter of acceptance. They then send you your loan documents. It’s important that you carefully read and sign them.

This is where a solicitor and finance specialist are helpful. They can answer concerns or queries that you may have in the legal documents.


Once you’ve reached the settlement stage in your home loan application process, it means that the property has been legally transferred into your name. The mortgage application is officially completed and all title deeds to the property have been transferred over. Your solicitor will generally inform you of your settlement.

Reviewing your lending

When you work with REIF we’ll continue to support you. Every number of years we’ll help you refinance your lending and source suitable rates and loan products within the fluctuating market.

For more information

If you’re looking to acquire finance or simply wanting to refinance your home loan – we can help!

Give us a call on 1300 130 932 or send us an email via

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