Benefits of applying online for a home loan

Convenience rules in our modern society and if it can be done, chances are it can be done online. Applying for a home loan is no exception. Forget the tedious, difficult and time-consuming home loan applications of yesteryear. In the digital age, even applying for a home loan can be convenient. Most lenders will allow potential borrowers to apply for a home loan online. Aside from the obvious benefit of applying for a home loan from the comfort of your lounge room (and in your pyjamas!), the online application process is simple and can be completed in as little as 15 minutes.

What do online applications involve?

Online home loan applications are not so different to a physical home loan application, but they have the benefit of being much quicker and simpler. Online banking and other services mean a large proportion of financial administration is conducted online already. An online home loan application takes advantage of this and allows applicants to connect with these platforms, creating a time-efficient home loan application.

While online home loan applications will vary from lender to lender, below are the steps involved in an online home loan application with Mortgage House.

Enter your details

We’ve made this simple with a 5-step process where most questions only require the click of a button. The 5-step process can be completed in less than 15 minutes on your computer, smartphone or tablet. 

Tell us what the purpose of your application is, whether it’s to purchase a property, refinance or both. Enter how many people are applying for the loan and fill in your name and contact details. Let us know if you have found your property or if you’re still looking and what you intend to do with the property, whether it’s to live in it, rent it out or both.

Link bank accounts

A home loan application will require you to disclose information about your income and finances. Rather than laboriously collect and enter this information, an online home loan application may allow you to complete this step with the click of a button. Using the Mortgage House online application form, you can securely link your bank account so that information regarding your income and finances are automatically entered into your application. This saves time and allows you to fast track your application.

Assets and expenses 

At this step, you simply need to tell us about your assets and expenses.

Upload key documents

An online home loan application allows you to upload key documents such as a driver’s license to show proof of identity. This is particularly helpful if you already have digital copies of important documents. It may help to keep your important documents in the home, rather than taking them with you to a physical branch where they are at greater risk of being lost or stolen.

Apply

You can complete an online home loan application in your own time. The online process allows you to save the application at any time and return to it at a later date. This means you can start your application and be ready to actually apply at a time that suits you or when you find a property.

Once you have completed the online home loan application, a Mortgage House Lending Specialist will contact you to approve and assess your home loan and loan amount. They can then formally approve your home loan and loan amount.

Done!

Why should I apply online?

Taking care of your life admin online is nothing new. It’s all about ticking boxes and staying in control amidst the chaos and busyness of life. Why should your home loan be any different? You shop online, do your banking online and organise your insurance online because it is convenient. Applying for a home loan online offers the same advantages.

Whether you’re a busy professional who can barely move from their desk for a lunch break or perhaps you are a parent looking after young children, visiting a lender in person can be a difficult, almost impossible, task. The ability to apply online for a home loan and an application that can be completed anywhere, anytime, means you don’t have to put your application off any longer. Work through your home loan application on the bus trip home or jump on in the evening when the kids have gone to sleep, it’s up to you. 

Technology makes most things in life easier and when you apply online for a home loan the entire process can be much quicker and efficient. Many parts of the application can be completed with the click of a button and important financial information can be imported directly from your online banking account. An online home loan application can be completed and received by your lender in as little as 15 minutes.

An online home loan application can quickly get you started on the journey towards owning your own home and help you achieve your financial goals sooner. With less paperwork and immediate delivery to your lender, it’s not only a quick application process, but can reduce waiting time. Your lender can formally approve your home loan much sooner. 

What are the benefits to applying online for my home loan?

It is probably very clear by now that when you apply online for a home loan it has the benefit of saving you time, but can it save you money too? 

Lenders who allow customers to apply online for their home loan not only create a user-friendly and convenient experience for customers, but as a result, they can often provide a better interest rate to their customers. Lenders who have a large number of physical branches will likely have higher running costs due to rent, electricity and the costs associated with maintaining a physical building. 

Without the overheads of running thousands of branches, lenders who allow customers to apply online for a home loan can provide a cost-effective process. This enables lenders to pass savings on to their customers through a lower interest rate. Technology has also made it possible for lenders to provide the same, if not better, support to customers as they complete their online home loan application, so it’s a double win for customers.      

Where do I begin an online application?

You can easily begin an online application through your lender’s website. It should be noted that not all lenders will allow you to apply online for a home loan so be sure that you are actually applying for a home loan and not just different types of pre-approvals or home loan recommendations. 

What are the downsides to an online application?

An online home loan application has some limitations when it comes to complicated situations. An online home loan application is perfect for those with a regular income, applying for a regular home loan. Unfortunately, for some lenders, an online application may be less efficient or even unavailable to those with unusual circumstances and complications. In these cases, a physical application may be necessary, so a lender can formally approve a home loan application. 

Many lenders will require online home loan applicants to be an Australian or New Zealand citizen or a permanent resident. If one of the applicants does not fall into those categories, they may not be eligible to apply online. If you have income that is paid to you in another currency or perhaps you are looking to use another property as security for the loan, these are all ‘unusual’ circumstances that may make applying for a home loan online difficult.     

This doesn’t mean to say that non-standard borrowers cannot apply online, but there may be further work involved once they have been assigned a Lending Specialist. Mortgage House encourages all borrowers to apply online, and their Lending Specialist can take the application from there to find suitable solutions for both standard and non-standard borrowers.

What do I need to begin my online application?

You can begin to apply online for a home loan at any time – no preparation is necessary! You don’t even have to have found a property.

However, there are some steps that require additional information which you may need to find and prepare in order to complete your application. If you don’t have access to that information right away, you can always get started and come back to those steps later. 

The following information will be necessary to complete your online home loan application.

• To begin an online application, you should have an idea what your goals are – do you want to buy your first home? Are you looking to refinance or invest? 
• If multiple people are applying for the home loan, then you will need the contact details of each applicant.
• Ensure you have your online banking details handy, so you can login and easily populate your application with information regarding your income.  
• Collect information about your assets and expenses.
• It will be necessary to upload some key documents when applying for a home loan online. Here is a list of documents that you may need to provide when applying for a home loan.

You can apply online for a home loan today with Mortgage House. Start your application here.