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
Application process can take 1 to 3 weeks depending on the complexity of the application
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.