• LoanCaddie

Three easy steps to home loan pre-approval

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.

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