Three Easy Steps to Home Loan Pre-approval
Spring is just around the corner which traditionally means the property market will start to warm up. If you are considering making that next property purchase, it is recommended to get a home loan pre-approval first. It not only saves you time on your property search but also protects you from overspending at an auction.
How long does pre-approval take?
Turn-around 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. Talk with your mortgage broker to find out
- How much can you borrow
- How much you require for a deposit
- How much you can repay each month
- If you qualify for a government grant or concession.
3. Submit pre-approval application with a lender
- We fill out the forms and do all the work
- The lender provides confirmation in writing
- Pre-approval lasts for 3-6 months
If you’re ready to start your hunt for a new home or investment property, get in touch with us today to organise your home loan pre-approval early so you are ready to act fast when you find the right property. Read here to learn more about the key benefits pre-approval can give you.