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When you are hoping to buy a property it can often feel like you must fight a battle before you ever get settled in your new home. You start seeing terms like stamp duty and Lenders Mortgage Insurance (LMI) getting thrown around and they’re unfamiliar to you. We may have the answers you need to own your own home sooner.

Learn more about the costs involved in [buying a house here](https://www.lendi.com.au/inspire/finance/how-much-do-i-need-to-buy-a-house/). 

## What is a home loan?
A home loan - also known as a mortgage - is a loan you take from your lender in advance that you pay back over a set period of time, in order to gain security over your desired property. The loan term is usually around 25-30 years with regular payments being made monthly or fortnightly to your lender. If you’re unable to make your repayments, you may have to sell your home in order to pay back your debt. 

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## How do I get a home loan?
Booking an appointment or chatting with a Lendi Home Loan Specialist will help you to determine what home loan will best suit you and your financial situation. They can do the hard work for you by assessing your employment and income, borrowing power and organising repayments and repayment frequency. It actually is not that hard when you've got an expert helping you. 

## What is pre-approval?
![roof-dormer-window](//images.contentful.com/o2gysnvd04sg/AY3i3eMxlACkiII0e8GEg/023596137e2156c25549f7209c06ef3b/roof-dormer-window.jpg)
Once you’ve consulted with your Home Loan Specialist and filled out your application online, you may be able to gain conditional or pre-approval while your lender conducts a credit check and does a property valuation. Pre-approval is valid for at least 3-6 months for most lenders and it shows your lender that your personal situation meets their criteria. With a reliable conditional approval, lenders will be able to speed up your application process which will result in a shorter closing period for you. 

Lendi makes it faster and easier to get a better home loan. [Compare rates in 30 seconds](https://www.lendi.com.au/home-loans/search/). 

## What is unconditional approval?
This is the formal acknowledgement that your home loan application has been approved by your lender. Lenders will conduct a credit check again in order to see whether your circumstances have changed or not. This acknowledgement gives you that assurance that you will be able to get a loan for your chosen house. 

## What is settlement day?
This is the official day when the property settles meaning payment for the property is made and ownership is transferred. For a new purchase, this is the day where the property owners are handed the keys to their new property.  For refinance, this is the day where the borrower's home loan is officially switched over to a new lender or updated terms.

When you’ve reached settlement day, you’re the official owner of your new home. If your financial situation changes, consult with your Home Loan Specialist who can review your current home loan situation and look for an option better suited to your new financial abilities. 

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