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.

  1. Collect your documents
    • Proof of identity
    • Proof of income and savings
    • Proof of living expenses and other expenditure
    • Evidence of current assets and liabilities
  2. 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
  3. 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