Three steps to home loan pre-approval
Spring is here which traditionally means the property market is warming up. If you are considering making that next property purchase, it is recommended to get a home loan pre-approval first. Not only does it save you time on your property search but also protects you from overspending at an auction.
How long does pre-approval take?
Turnaround times for pre-approvals vary for each lender from the time of application submission. Verify with your broker the expected timeframe for your preferred lender. Providing us with the correct documentation up-front will help achieve a speedy turnaround.
Follow these three easy steps to get your home loan pre-approval.
- Collect your documents
- Proof of identity
- Proof of income and savings
- Proof of living expenses and other expenditure
- Evidence of current assets and liabilities
- Chat with our team to find out
- How much you can borrow
- How much you require for a deposit
- How much you can repay each month
- If you qualify for government grant or concession
- Submit pre-approval application with a lender
- We will fill out the forms and do all the work
- The lender provides confirmation in writing
- Pre-approval lasts 3-6 months
If you’re ready to start your hunt for a new home or investment property, get in touch with us to organise pre-approval early so you are ready to act fast when you find the right property.
Source: Finance Focus