Mortgages can be a complex process for anyone, whether you are a first-time homebuyer or a seasoned property investor. That is why the Elephant Advisory team has broken down the process into eight stages, designed to help clients navigate the journey to homeownership or property investment with ease.
Step one, the fact find stage, is where Elephant Advisory has a casual conversation with clients to get to know their goals. The team seeks to understand whether clients are refinancing, buying, pre-approving, or simply looking to understand the market. In this stage, clients share their goals, vision, likes, dislikes, and any previous experience with professional services. This helps the team build a long-term relationship with clients and improve their services.
Step two is the client portal and documents stage, where Elephant Advisory asks clients to provide financial information such as income, assets, credit score, and personal history. The team collects this information digitally through the client portal, making the process easier and safer for clients. The portal takes roughly 20 minutes to complete, and another 20 minutes to upload documents. If done accurately, this phase makes the process smooth moving forward.
Step three is where Elephant Advisory gives clients their initial proposal, breaking down different scenarios for various lenders, such as refinancing, upgrading, buying multiple investments, selling, and buying bridging loans. The team creates a PDF format proposal that helps clients understand what is achievable and what the next steps are. At this stage, there is a 45-minute client call or longer, depending on the number of scenarios discussed.
Step four is the proposal revision stage, where Elephant Advisory works with clients to make sure the proposal best meets their goals and they understand its details. Step five involves discussing the banks. Elephant Advisory has a panel of 50 lenders and will propose a few for clients to choose from. Once the team and client have ironed out a single scenario, Elephant Advisory will submit the proposal for approval or pre-approval. The client will then get a credit inquiry done by the bank, as they assess the sensitive information passed to them.
Step six involves coordinating refinancing, or buying a property already purchased. Loan documents are then issued, which can be overwhelming due to the legal jargon and lengthy terms and conditions. The Elephant Advisory team reviews these documents with clients to ensure they are understood and signed off correctly. This stage gives clients certainty, as they can sign off on the documents knowing the bank provides the green light for their mortgage.
In the final two steps, Elephant Advisory manages the settlement and post-settlement stages, where they guide clients through the property settlement process, ensuring the process runs smoothly. They also provide ongoing support to clients throughout their mortgage journey, helping them to achieve their financial goals.
Overall, Elephant Advisory's eight-step process makes the mortgage process feel less daunting and more manageable for clients. By breaking it down into manageable stages, the team helps clients feel confident and empowered, guiding them towards success in their homeownership or property investment journey.