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. 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.
Collect your documentsProof of identityProof of income and savingsProof of living expenses and other expenditureEvidence of current assets and liabilities.
Talk with your mortgage broker to find outHow much can you borrowHow much you require for a depositHow much you can repay each monthIf you qualify for a government grant or concession.
Submit pre-approval application with a lenderWe fill out the forms and do all the workThe lender provides confirmation in writingPre-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 your broker today to organise your home loan pre-approval early so you are ready to act fast when you find the right property. Read here to learn more about the key benefits pre-approval can give you.
Brought to you by David Philipsen of Parker Finance