Applying for a home loan online can provide more flexibility and convenience for homebuyers.
If applying for a home loan online is new to you, you may be wondering how it all works.
Allow us to walk you through the process and some of the benefits.
1. Apply anywhere, any time
The best part of the online process is that it can fit completely into your schedule. You decide where and when you want to apply – whether that’s at home over the weekend, during your daily commute, or after putting the kids to bed.
While you’ll still need to provide all your supporting documents, applying online means these can be uploaded digitally, saving you time with less printing, scanning or mailing required.
“Being prepared with all your supporting documents upfront really helps ensure a smooth application process,” Westpac’s Head of Mortgages Strategy and Products, Claire Scott, tells realestate.com.au.
“A great first step is to make a checklist of all the documents you might need like your proof of identification, payslips and bank statements, and ensure you have digital copies prepared in advance so they’re ready to upload from your device as soon as you need them,” she adds.
2. Go at your own pace
Unlike ye olde days of setting up an appointment with the bank and carting along every document under the sun for this one event, you can now do this at your own pace. The digital loan process allows you to save as you go.
“Applying for a home loan is a big decision and not something you should rush,” Scott says.
“Filling out your application online allows you to work through it at your own pace with the ability to save your progress along the way.
“This means you can jump back in at any time and pick up from where you left off.”
3. You can access personalised service as you need it
Want to speak to an expert but don’t want to head to a physical branch?
No worries – you can speak to specialists over the phone or online at any point in your digital home loan journey.
“[At Westpac], our Home Finance Managers are on hand to provide support with any questions or assistance you might need along the way, either over-the-phone or through our live chat function,” Scott says.
4. Track your application
Applying online also means you can track your application in real-time, providing peace of mind with how it’s progressing.
The digital experience allows you to login to your account and follow the digital process there.
“With more processes becoming digitised, including virtual property viewings and auctions as well as the ability to provide e-signatures, the home buying process can now almost be completed entirely online,” adds Scott.
The beauty of this being online is that you can get going today, from starting your home loan application to settling.
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