• The home loan process


    Understanding the home loan process and commonly asked first home buyer questions.


    It's so important that you have a clear understanding of what sort of  repayment you need, what sort of deposit you need.  That will then again help you set an appropriate budget for a house.

    So lenders mortgage insurance is a risk fee that is charged by all lenders on loans that are more than 80% of the value of the property.  

    So once you're pre-approved, now it's time to go out and house hunt.  It's important you make your contract subject to finance.  It's also important that you talk to a conveyancer and finally a building inspection.

    So whether to go fixed or variable is probably the most asked question I get.  

    There's benefits for both.  However one of the considerations when fixing is there is a lack of flexibility.  

    Variable rate loans are completely flexible allowing you to pay generally as much principle as you like.  However you're susceptible to interest rate rises and falls.

    Once your offer has been accepted, the next step is for the bank to assess the property and conduct a valuation.

    You're now unconditionally approved, so the top five questions that you should ask: 

    1. how much deposit do I need?
    2. what's my repayment going to be?
    3. what are the fees and charges involved?
    4. what paperwork do I need to provide to get my loan approved?
    5. how long will it take to get my loan approved and how long will that pre-approval be valid for? 

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    About the author

    • Unley - Stephen Villios

      Home loan expert, Stephen Villios is the Principal of RAMS Adelaide Central.  His business has won many awards and his team of lenders have many years of experience in home loan lending.

      Steve and his team are passionate about helping customers achieve the dream of home ownership and specialise in loans for first home buyers, investors and construction lending. 

      Contact your local RAMS Home Loan Centre about your home loan options.



      Stephen Villios

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  • Disclaimer:

    This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.