The current generation of first-time buyers is accustomed to speed and efficiency. The time-consuming and outdated methods of applying for a mortgage and purchasing a property can seem frustrating, confusing, and unnecessary.
A mortgage application alone can take up to 4-6 weeks, with lenders requiring a large number of documents relating to income, identification and valuation, before giving out an agreement.
Luckily, lenders and regulatory bodies have implemented and utilised advances in technology, to speed up and simplify the process.
Latest Technology
Newly automated forms allow prospective lenders to complete and submit paperwork in their own homes, eliminating the need for printing, scanning, or posting.
ID verification is now quicker and easier, with applicants being able to take selfies, scan official identification documents and utilise smartphone technology to scan the chips contained within ePassports.
Virtual signature technology means that official documents can be signed with an eSignature which also helps to simplify and speed up the process.
Open banking allows a lender to request that necessary supporting documentation be digitally sent directly to the lender.
Other Conveyancing Matters
Of course, the buying and conveyancing process is not exclusive to first-time buyers and mortgage applicants.
There are other more complex issues such as lease extension cost, transfer of ownership or trust equity matters that have also benefited from the latest advances in technology. Easier collaboration between third parties now means that even complicated matters such as lease extension cost are quicker and simpler, with brokers, lenders, conveyancers, and valuers all working on the same systems and having access to all information.
Conveyancing can seem like a complicated process, but by instructing the right professional to assist, it need not cause unnecessary stress.
