Before you buy... Getting pre-approval Blog article
Buying a property is a life changing decision and it’s absolutely vital you do all your homework before going down this road. It’s dangerous going in blind at an auction having no idea what can actually be spent and getting caught out financially. Getting pre-approval before buying eliminates this, as your chosen lender will assess your application as if you have already purchased a property, giving you peace of mind going into an auction.
Pre-approval can usually be arranged in a matter of days once you have all the necessary documentation. This usually includes bank statements, proof of income, any outgoings or outstanding loans such as HECS or credit card debts and proof of savings.
Once you've been "pre-approved", you can property shop with confidence knowing exactly how much you have to play with and what your mortgage repayments will be. Not only will you be in a stronger position to bid at an auction, but also better placed negotiating with a vendor, putting you way ahead of the competition. And when you’re the successful bidder, your pre-approval will mean your final loan is approved much, much quicker – meaning you will be able to turn the key at your new property in no time.
Whether you're a first homebuyer or a seasoned investor, our Lending Specialists can help you work out how much you can comfortably afford, explain your options in regards to loan products and structures, and manage your pre-approval application in the same way we would for a property purchase.
Even though the banks do not pay us any commision for arranging client's pre-approvals, we don't charge any fees for this service as we're confident that you'll come back to us when you do purchase a property.
Please call us on 03 9686 4976 or email firstname.lastname@example.org for more information on the pre-approval process.
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