Traditionally, the only way to apply for a mortgage was in-person at a bank. Today, as more Australians become comfortable transacting online, the number of home loan applications submitted online is increasing. According to Mozo, 51% of home loans in 2018 were processed online compared to 38% at traditional banks.
If you can search for property online, applying for a mortgage online should be the next logical step. Getting a home loan online is convenient and fast becoming the way of the future
How to apply for a home loan online
So you’ve got your eye on your dream home and you need a home loan in a hurry. Mortgage applications at a bank can be a lengthy process. One of the benefits of using an online lender is that it offers a more streamlined application process. Here’s how the process works at Well Home Loans.
To start the online application process you must meet the following requirements:
- You are between 18 and 65 years old
- You’re an Australian citizen or permanent resident
- You have proof of employment or proof of regular income if self-employed
If you qualify, you can move on to the online interview. Make sure you have all your relevant financial information ready. One of our friendly home loan consultants will take you through the process and calculate a personalised home loan rate.
Want to test the waters before you dive into the application process? Use our handy home loan calculators to work out how much your loan repayment will be, how much stamp duty you’ll pay, or how much you can save on refinancing by switching from another lender to Well Money.
Get pre-approved before you look for a home
It can be frustrating to find the perfect home, only to lose it to another buyer because your home loan application took too long. That’s why we offer pre-approved loans. This is provisional approval, subject to a credit check when you are ready to proceed with your home loan application.
Getting pre-approved will confirm whether you qualify for a loan, how much you can borrow, and at what interest rate. It’s great to be armed with this knowledge before you go house-hunting. You’ll be able to make an appropriate offer immediately and the seller will feel reassured knowing that you have pre-approved finance.
It takes only 60 seconds to complete the pre-approval process. Your loan approval will be valid for 90 days, giving you time to search for a property.
Are online home loans safe?
Online home loans are safe, provided you use a reputable online lender. Here’s what to look for in a lender.
Most Australian lenders are regulated by the Australian Prudential Regulation Authority (APRA). They are also expected to adhere to the National Consumer Credit Protection Act 2009.
Online lenders that are not registered with APRA need to follow the guidelines of the Australian Securities and Investments Commission (ASIC). Check that the lender has an Australian Credit Licence (ACL). It should be listed on their website.
Should you experience any problems with your lender, you can submit a complaint to the Australian Financial Complaints Authority (AFCA).
Technology has disrupted the financial services industry and mortgage lending is catching up. Traditional banks and lenders will still be there but getting a home loan online is the way of the future.
