Once you begin to think about buying a property, a home loan pre-approval is something that is definitely worth considering regardless of how much you are intending to borrow. A pre approval is similar to full finance approval except that the property you intend to purchase has not yet been determined. The approval is valid for three months. It gives you clear guidelines on how much money you have to work with. Some conditions usually need to be met before full finance approval will be granted, such as finding the property and the property being valued by the bank. The first step is to get your borrowing capacity assessed, to make sure you don't look at something you will not be able to afford. This can easily be done via email. Once you have this ready, pre-approval is the next step.
Pre-approve now for successful price negotiation or to bid at auction
Speak to me about arranging a pre-approval for you so you can negotiate (with confidence) a good price on the property you intend to purchase or bid on at auction. I will also be able to assist you with some important research information on specific properties that you are considering.
After you have found your property
Once you have found your property, you will need to advise me and provide a copy of the contract of sale. Full approval of your loan can take as little as a day or it may take a few days if valuations are required.
Benefits of pre-approvals
With the recent changes in loan conditions and tightening of lending policies, you are actually able to lock in the loan conditions at pre-approval stage. This means that your approval may be able to get you a loan that was available when you enquired but may have since be pulled from the market. I have seen many clients securing a no deposit home loan, while this product was no longer available due to their pre-approval they have done a few months ago.
If you are interested in finding out your borrowing capacity, or proceeding with a preapproval, please contact me by email (email@example.com) or phone me on +61 (0)438 462 310. Looking forward to catching up!