Make your property buying easier and less stressful with a finance pre-approval.
A pre-approval will give you peace of mind knowing how much (if anything) a lender is willing to lend you.
Savvy home buyers will have their pre-approval completed before arriving at an auction or inspection.
What exactly is a pre-approval?
It is an initial assessment by a lender of how much you may be able to borrow. It is commonly known as a conditional approval and requires your financial information to be submitted as part of the application. It is just a first step and NOT a full approval.
It will be subject to a property valuation, other documentation and final full approval once you have found your ideal property.
A full application may still be rejected later on. As your mortgage finance specialist, we work with you to put the best possible application forward and coach you through each step to avoid disappointment.
How long does it last?
Pre-approvals vary by lender but are usually valid for three to six months. They are not binding so you are not obliged to borrow the pre-approved amount from your lender.
How do I obtain pre-approval?
Your 4-step checklist to pre-approvals
1. Review your finances and do a budget to get an idea of how much you may be able to afford to repay. We can do this for you!
2. Gather up your documents. You will need income and employment documents, identification and a list of assets and liabilities, along with bank statements for all.
3. Find a suitable lender. We will do this for you. We have access to many lenders and products and will help find the most suitable lender for your situation.
4. Once we find a lender for you, we complete the lender’s pre-approval process and proceed to loan submission.
Again, that is where we come in. We prepare a lot of the application process for you. We just need you to do some work on points 1 and 2.
Beware! Pre-approvals are recorded on your credit file each time you apply.
Be careful about applying for several pre-approvals in a short timeframe. It may negatively impact your credit score if you apply for too many home loans in a short amount of time. It is best to check your credit score BEFORE submitting a pre-approval.
Contact our office on 03)8657 8664 and we will be able to get your credit score for you.
We are with you each step of the process and can offer advice on when and how to apply for your next home loan. It’s what we are here for!
Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. © 2019