[0:00] To submit an application for First Home Vat Zero Rating Pre-approval, first go to the available forms pane on the right side of the home screen and the second application down is a First Home Vat Zero Rating Pre-approval. Look on this and it will bring up the form for the First Home Vat Zero Rating Pre-approval.
[0:34] In the upper left hand corner you will see the application type. There are three options. First home acquisition and financing, first home construction and financing, and for some construction house and lot package. First home acquisition and financing includes those properties where there is already a home constructed on the property. First home construction and financing includes those properties where the land itself was purchased several years prior and now the first home is being constructed on the property
[1:08] and financing obtained for the construction of that house. Then lastly, the First Home construction house and lot package includes those properties where both the land and the home are being purchased as a package. To the right of application type we have the real property tax assessment number. This is a seven digit number that identifies the property.
[1:39] As you can see you have to enter seven digits for the entry to be valid. Under we have information pertaining to the lender. This is your organization because when you signed up you associated your account with a particular financial institution. This information is automatically populated under the financial institution name and the tax identification number for your financial organization.
[2:11] Under there is a specific loan amount that is requested. This case I will enter 375,000. If a commitment letter has been issued select yes otherwise leave it at the default value of no. Now under here we have the loan officer information. This is going to be your information. In this case I will enter in Robert, Seguach, your email and then also your full number
[2:43] in seven digit format. Below this is the information pertaining to the applicant. This is the individual that is seeking financing with your organization. We can see the middle man is optional and the first and last name are required.
[3:15] To enter the birthday you have two options. When selecting the calendar to go back to a year before 2013 you have to select 2013 click
[3:45] on the year drop down again and then we can see that the preceding 10 years are going to populate. So you can do this until you reach the year you want to enter and then you can use the month drop down and the day calendar to enter in the date. Here we have the passport number of the applicant and then the national insurance number of the applicant. Then below here we enter in the email of the applicant.
[4:21] As well as the full number in seven digit format. And then the PO box and finally the island. Now there could be a case where there are multiple applicants for instance two individuals or three individuals like us and wife for instance are going to be listed on the mortgage. If this is the case you can add both by selecting add applicant. If you need to remove one of them click the X and the upper right hand corner of that
[4:52] applicant's box. Now below the applicant we have the vendor who is selling this property. We have two options they can either be an individual or they can be a company. If you're selecting individual you will need to provide their first name the last name the passport number and the nationality of the individual. If it is a company you'll just need to provide the company name and their 10.
[5:28] If there are multiple vendors for instance if there is a husband and wife or two brothers that are selling a property then you can add another vendor and once again select their type and all the pertinent information. If you need to delete one of the vendors select the X and the upper right hand corner of their box. Below the vendor we have the information pertaining specifically to the property itself. First is a property type is a condominium unit a single family home or a duplex.
[6:00] Then we have the street address and then finally the legal description of the property. I know these can get very verbose so I'm just going to put the legal description of property in there. And then finally is a property a gift. Yes if so you need to enter in the fair market value. If not then we enter in the sale price. Something to note is that the information provided under the property box will vary depending
[6:32] on what type of application you are selecting. For instance if you are doing a construction and house lot package then you will need to provide the construction cost in addition to the sale price. In this case because I'm just doing first home acquisition financing the only relevant information is the sale price of that house and property and I will enter that. Actually let me see what I put in as load amount. I'm going to go ahead and assume that they are financing the entire sale price.
[7:08] And then any notes, any clarifying information that you want to provide for the first home officer who is going to be reviewing this case these can be entered here. And then finally below we have all of the documents that are required in order to submit this application and two optional documents. It is important to note that if you do have an individual or an application that has multiple applicants you will need to provide more than one passport. You have to provide a passport for each applicant.
[7:41] In this case only of one so I'm only going to upload one passport. Same thing with the national insurance card. If you have multiple applicants each applicant will require their own national insurance card upload. Then we have the agreement for sale. And then below those we have the optional appraisal and others.
[8:14] Now the uploads that are going to be required and displayed will depend upon which application type you are selecting. Once again if you are selecting the construction house in lot package you will have to provide a construction contract in addition to these other documents. Any document that is required is indicated as such with an asterisk to the right of it. Now if you are starting an application and you decide that you need to come back to it there is some information missing. You are missing some of the documents. You can select save draft and this will save all your information so you don't have to
[8:49] reenter it. Otherwise go ahead and click submit to submit your form. We can see here that if we do have an error, if we are missing one of the fields this red message bar is going to pop up down at the bottom indicating such. And when we scroll up we can find the field that we are missing. So in this case I forgot to select an application type. I will do first home acquisition and financing. Once I scroll back down I see that my information looks good.
[9:19] I am going to click submit. Now once you click submit and once the information gets moved over to the Department of Inland Revenue we will receive an email indicating that your application has been received and you will receive periodic updates as to the progress of the application. We can see here that I already have a new box for my new application and as the system goes through and completes its work it is going to populate a actual case number here
[9:51] which will be a unique identifier for this specific application and I will need to make sure that I include this number in any sort of correspondence or references.