Getting Home Loan Pre-Approval
A home loan pre-approval takes the uncertainty out of searching for a property by providing you with an excellent guide on how much you can afford to spend and allowing you to negotiate more strongly on price. It is suitable for both auction and vendor-negotiated purchases and generally lasts for three months.
Your expert mortgage broker will help you secure a free home loan pre-approval so you can shop for your new home with confidence.
Apply For A Free Home Loan Pre-approval Today!
Simply fill in the form below or call us today for your free home loan pre-approval on 13 94 62 (or +61 2 9249 3739 for international callers).
Make Sure You Get Formal Written Pre-Approval
For more security, most borrowers will go a step further and obtain a formal written pre-approval which acts a commitment from the lender on how much they will lend to you. As with most pre-approvals, there are conditions that need to be met, some of which include:
- finding a suitable property
- receipt of a registered valuation
- mortgage insurance acceptance (if applicable)
Many home loan pre-approvals are only indications. If you want something you can rely on, you must get a formal, written pre-approval. As a rule of thumb, it will typically cost you some money in processing and assessment fees. It is however the only way to get the pre-approval you need to negotiate with confidence or bid at auction under almost the same conditions as a cash contract.
When you get home loan pre-approval, if you can, consider applying for more funds than you need. You don’t need to use the whole amount you are approved for, but if you find a property that is priced at a higher amount, you are still free to negotiate. It is advisable to talk to your local mortgage broker to determine your borrowing capacity before getting pre-approval.
Be Aware of Home Loan Pre-Approval Conditions
All home loan pre-approvals are subject to the conditions under which the approval is granted. As a guide, these generally include:
- finding a suitable property
- receipt of a registered valuation
- mortgage insurance acceptance (if applicable)
After You Have Found Your Property
Once you have found your property, you will need to advise your mortgage broker and provide a copy of the contract of sale. Full approval of your loan can take as little as an hour or it may take a few days if valuations are required.
More information and home loan help
For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 94 62 (direct +61 2 9249 3739)
