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. 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.
Steps
Follow these three easy steps to get your home loan pre-approval.
- Collect your documents
- Proof of identity
- Proof of income and savings
- Proof of living expenses and other expenditure
- Evidence of current assets and liabilities.
- Talk with us 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.
- 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, please contact us for assistance so we can help you organise pre-approval early and ensure that you are ready to act fast when you find the right property. Learn more about the benefits of pre-approval here.
The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only. Although every effort has been made to verify the accuracy of the information contained on this website, Infocus, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.