Are you pre-approved?

Why get a loan pre-approval? What is it? How could it help you? Well, just imagine you have some money saved up or have equity to invest and you’re thinking about a property purchase – perhaps to live in or as an investment. But how do you know where to start if you don’t have a maximum price point to look for or a budget to stick to when property hunting? How do you know that house you went and inspected is one you can afford? What’s your borrowing power? Or if you’re considering a car purchase, what price range can you consider purchasing in? You’ve gone for a test drive and absolutely fallen in love with the car, but how do you know you’re able to afford it? We know these questions will cross your mind, so have a read below and get a gist of where you can start!

What is loan pre-approval?

A loan pre-approval is when your bank conditionally approves you for a loan before you’ apply to purchase a house or car. It gives you an indication of how much you can borrow, depending on your current situation. The pre-approval process is handled by us, for you. We will approach your lender of choice (advised by us of course!), who will check your credit history and verify your income. There is of course no obligation from the bank to lend you that amount, BUT it’s handy ammunition when trying to convince real estate agents and vendors that you’re serious about buying. It also gives you confidence to know you can afford the property or car.

Organising pre-approval before you begin looking for a property will make the process a whole lot easier, as it will give you a realistic idea of how much you can afford to borrow. You can put a budget on your search and find the home you want sooner. We can help you establish your borrowing power and determine your eligibility for finance. We’ll explain the merits of each lender and which loans could work for you. We take you through the process as swiftly as possible, and the best part is, it DOESN’T cost you anything!

If you would like further information about a loan pre-approval and how we can help – give us a call on (02) 9030 4020, +61 423 347 562 or email enquiries@legalhomeloans.com.au .We can’t wait to help you get the head start on your property purchase!

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